Connect with us

Hi, what are you looking for?


Dubai logistics firm Tristar drops IPO plans in setback for local bourse

Logistics firm Tristar has dropped plans for an initial public offering (IPO) in Dubai, with sources saying the deal did not attract enough investor

The move, which confirms what the sources had earlier told Reuters, is a setback for Dubai’s bourse, the Dubai Financial Market, which has not seen a big ticket listing since 2017.

For all the latest headlines follow our Google News channel online or via the app.

The company said “its board and existing shareholders have decided to withdraw its planned initial public offering on the Dubai Financial Market as existing shareholders’ expectations were not met”.

“The board and existing shareholders believe that greater returns can be realized executing Tristar’s current growth strategy under the established shareholder structure,” it said.

Tristar began its public share sale on April 4, setting a price range that implied a market capitalization of 2.64-3.24 billion dirhams ($719-$882 million).

The company saw weak demand for its shares, said two sources familiar with the matter. The offering was planned to close on April 15.

Part-owned by Kuwaiti logistics firm Agility, Tristar had previously intended to list in London, but plans were scrapped after turmoil at London-listed healthcare firm NMC shook investor confidence in Gulf companies.

Tristar said earlier this month it expected to raise between 438 million and 537 million dirhams as part of its primary offering, and another 90 to 240 million from a secondary offering.

BofA Securities and Citigroup were global coordinators and joint bookrunners on the deal.



You May Also Like


Sitting by herself at the funeral of Prince Philip on Saturday, Queen Elizabeth cut a regal, but solitary figure: still the monarch, but now...


Germany’s vaccine commission, known as STIKO, recommended on Thursday that people under 60-years old who have had a first shot of AstraZeneca’s COVID-19 vaccine...


Activists opposed to Myanmar’s junta called on Monday for people to stop paying electricity bills and agricultural loans, and keep their children away from...

Life Style

An uncrewed SpaceX Starship prototype rocket failed to land safely on Tuesday after a test launch from Boca Chica, Texas, and engineers were investigating,...