Tristar sets price range for second Dubai IPO in three years

Tristar sets price range for second Dubai IPO in three years

Middle Eastern logistics firm Tristar Transport set the price range for its planned initial public offering in Dubai at 2.20 dirhams to 2.70 dirhams per share, in what would be only the financial hub's second listing in three years.

The company plans to offer up to 24 percent of its shares in the IPO, according to a statement on Sunday, valuing it at as much as 3.24 billion dirhams ($882 million).

The placement will include an issuance of 199 million new shares and a secondary offering of up to 88.8 million shares by existing shareholders.

Tristar could raise as much as 777 million dirhams from its secondary and primary offerings.

Elsewhere in the region, benchmarks rose in Saudi Arabia, Dubai, Abu Dhabi, Bahrain and Kuwait

If priced at the top of the range, the IPO would be the biggest on Dubai's main exchange since 2017, when Emaar Development PJSC raised $1.3 billion.

Since then, new offerings have languished amid shrinking volumes and delistings of major companies such as port operator DP World.

By contrast, Saudi Arabia's stock exchange has seen the most activity for offerings in the Gulf, with retail and institutional investors boosting demand for IPOs. Companies in the kingdom have raised about $867 million by