The National Investor (TNI) and Shuaa Capitalhave been mandated to lead arrange an initial public offering (IPO) for the greenfield logistics firm Arab International Logistics Company. The issue is expected to come to market by the end of January and AED 850 million ($232 million) - 55 per cent of the company's capital - will be offered at AED 1 ($0.3) a share.
'The company will be the first logistics firm to be listed on the local market,' TNI chief executive officer Karim el-Solh told MEED on 12 December. TNI is also working as sole lead manager on the IPO of an oil and gas services company. 'There are AED 4,000 million-6,000 million [$1,090 million-1,635 million] of share offerings likely to come to market in the UAE over the next two quarters,' says El-Solh. 'And as more stocks become available, valuations across the board should fall to more manageable levels.' The IPO of Abu Dhabi-based ADDAR Propertiesin late November, managed by TNI and Abu Dhabi Investment Company, closed more than 450 times oversubscribed (MEED 3:12:04).
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