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Dubai's Tristar Transport sets IPO price range

Dubai's Tristar Transport sets IPO price range
The IPO will include 199 million new shares issued by Tristar
AGLTY
AGLTY
-1.73% 1,078.00 -19.00

Mubasher: The Dubai-headquartered logistics firm Tristar Transport, a 65.12% subsidiary of Agility Public Warehousing, has set a price range for its planned initial public offering (IPO) on the Dubai Financial Market (DFM) at AED 2.20 to AED 2.70 per share, Bloomberg reported.

Tristar will present up to 24% of the total issued ordinary shares in the IPO, recording a value of as much as AED 3.24 billion ($882 million).

The IPO will include 199 million new shares issued by Tristar and a secondary offering of up to 88.76 million shares, currently held by the existing shareholders in Tristar.

The company is expected to receive as much as AED 777 million from its primary and secondary offerings, with around AED 438 million to AED 537 million proceeds expected from the primary and AED 90 million to AED 240 million from the secondary.

The offer starts on Sunday and will close on 15 April.