|01-05-2015, 11:21 PM||#1|
Massar Solutions issues first IPO on ADX since 2011
Massar Solutions, a vehicle rental and fleet management company, announced on Monday it will sell 40% of its shares on the Abu Dhabi Securities Exchange (ADX), in which would be the first initial public offering on the stock market since 2011.
Massar, formerly Al Wathba Company for Central Services, said it plans to sell 240 million ordinary shares at AED2.4 ($0.65) each between January 11 and 25, which would value the listing at AED576 million ($156.8 million).
The listing marks the first on the ADX since May 2011, when Eshraq Properties raised AED825 million.
Massar’s IPO will be also the first listing to test investor appetite for fresh equities after the oil rout.
The IPO will only be open to United Arab Emirates (UAE) nationals, with 20% of the floatation retained for retail investors. The other 80% will also be available to retail investors and fully owned government institutions and UAE companies.
Majority stakeholders Invest AD and Abu Dhabi National Energy Co. (Taqa), who own 51% and 49% respectively, will receive the proceeds from the IPO as they plan to equally offer 120 million shares.
“We are pleased to become the first mobility solutions provider in the UAE to go public and that UAE nationals will now be able to participate in the continued success that we have enjoyed over the past 15 years,” Khalaf Al Dhaheri, the chairman of Massar, said in a statement.
Established in 1998, Massar now owns about 9,755 vehicles in addition to a 6,755 fleet for third-party clients. Massar said it has plans to expand those fleets to 16,000 and 20,000 vehicles in the next five years.
The IPO is an indicator of confidence in the local capital markets, despite the recent wave of volatility in the last two months in the wake of falling oil prices.
Although markets have seen thinner volatility at the last two weeks of 2014, the most recent IPOs of Dubai Parks and Resorts and Amanat Holdings are still trading below par value.
However, Massar has a track record of 15 years of trading, and will list on the Abu Dhabi Exchange, which is less volatile and less liquid than the Dubai Financial Market, on which we have seen the last run of IPOs.
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