Mubasher: The UAE-based Tristar Transport, a 65.12% subsidiary of Agility Public Warehousing, plans to proceed with an initial public offering (IPO) on the Dubai Financial Market (DFM), expecting to receive between $120 million and $160 million of gross primary proceeds from the offering.

Tristar will present up to 24% of the total issued ordinary shares to the IPO, according to Agility’s disclosure to the DFM on Tuesday.

The IPO is forecast to comprise 199 million new shares issued by Tristar and up to 88.76 million shares, currently held by the existing shareholders in Tristar.

After the completion of the IPO, Agility will own 50.14% of Tristar’s total share capital, as it is offering 14.98% out of 65.12% of its shareholding to the public as part of the IPO.

The company is expected to admit to the listing on the DFM in April 2021, subject to the market conditions and relevant regulatory approvals in the UAE.