IPO

Visa, the Abu Dhabi Investment Authority and a subsidiary of the Qatar Investment Authority are anchoring the IPO by purchasing up to $220m of PayPay’s shares upon debut

The offer price range has been set at SAR43 to SAR45 per share, implying a market capitalisation at listing of between SAR800m  and SAR837m

The company is expected to make around $15bn in revenue in 2025, increasing to between $22bn and $24bn in 2026

Dubizzle operates property portal Bayut and dominates key classifieds segments in the region

The IPO, priced at Dhs1.40 per share, valued ALEC at Dhs7bn ($1.91bn) and attracted around Dhs30bn ($8.1bn) in orders, more than 21 times oversubscribed

Net proceeds will be used to settle the employee stock ownership plan, fund strategic mergers and acquisitions, and maintain strategic flexibility for growth

Shares are expected to begin trading on the Dubai Financial Market (DFM) on or around October 15 under the symbol “ALEC”

The entire IPO represents a secondary sale by Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai

Jio wants to achieve higher revenues and a bigger subscriber base for its telecom business

Earlier this month, on June 3, RSI appointed a special committee of three independent directors to advise shareholders regarding the proposed IPO