Dubai Eyes Its Second IPO in Three Years With Tristar Listing

Published March 23rd, 2021 - 02:00 GMT
Dubai Eyes Its Second IPO in Three Years With Tristar Listing
The shares offered are expected to represent up to 24 percent of the total issued shares of Tristar, it said in a filing to the Dubai Financial Market on Tuesday. (Shutterstock)
Highlights
The new stock is expected to be allocated to high net worth investors with a minimum application of 500,000 dirhams
Agility plans to list its Tristar Transport unit in a Dubai IPO, the company said.

The shares offered are expected to represent up to 24 percent of the total issued shares of Tristar, it said in a filing to the Dubai Financial Market on Tuesday.


The new stock is expected to be allocated to high net worth investors with a minimum application of 500,000 dirhams ($136,100).

When complete, Tristar expects to receive as much as $160 million of gross primary proceeds from the share sale. It will also be Shariah-compliant.

After completion Agility will hold just over half of the total share capital of Tristar.

Tristar’s integrated energy logistics platform spans road and maritime transportation, specialized warehousing, fuel farms, commercial aviation refueling and remote fuel supply operations, according to its website.

It was founded in 1998 and has grown to become the Middle East’s largest privately-owned liquid logistics company.

It operates in 21 countries.


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