Dubai's Tristar sets price range for IPO, implies market cap of up to 3.24 bln dirhams

TriStar Gold

04/04/2021 11:27

DUBAI, April 4 (Reuters) - Logistics firm Tristar set the
price range for its initial public offering on Sunday, implying
a market capitalisation of 2.64 billion to 3.24 billion dirhams
($718.80 million-$882.16 million).
    Proceeds from its primary offering will be approximately 438
million dirhams to 537 million dirhams, Tristar said in a
statement.
    It expects to raise another 90 to 240 million dirhams from a
secondary offering, which will come from selling shares held by
existing shareholders, the company said.
    Tristar began its public share sale on Sunday, the first on
Dubai's DFM exchange since 2017, and will close on April 15.
    The Group said it recorded a consolidated revenue of $453.4
million, and earnings before interest, tax, depreciation and
amortization (EBITDA) of $103.6 million for 2020. 
    BofA Securities and Citigroup have been hired as global
coordinators and joint bookrunners on the deal. First Abu Dhabi
Bank and HSBC Bank Middle east Limited are regional
coordinators. Societe Generale is a joint bookrunner and Kuwait
Financial Centre is a co-lead manager. Moelis is acting as an
independent financial advisor to Tristar.

($1 = 3.6728 UAE dirham)

 (Reporting by Hadeel Al Sayegh, Editing by Timothy Heritage)
 ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))