Logistics Top Stories

Tristar Transport to float 24% shares on Dubai Financial Market

The shares represent a transaction size of 20 percent of the total issued ordinary shares in the capital of Tristar

Tristar Transport, one of the leading global integrated liquid logistics solutions providers launched its initial public offering (IPO) on the Dubai Financial Market (DFM), according to the media. The company is headquartered in Dubai, UAE.

The offering consists of a minimum of 239,800,000 ordinary shares. These shares represent a transaction size of 20 percent of the total issued ordinary shares in the capital of Tristar. The maximum of 287,760,000 ordinary shares will represent a transaction size of up to 24 percent.

It has been proclaimed that the price range will be between Dh2.20 to Dh2.70. This is to infer that a market capitalisation on the listing of approximately Dh2.64 to Dh3.24 billion. It is estimated that the primary component proceeds will be around Dh438 to Dh537 million and the secondary component will be approximately Dh90 to Dh240 million. Only Qualified Investors can avail of the offering which begins on April 4th and closes on April 15th. The listing of shares on the DFM is expected to take place on April 22nd.

Eugene Mayne, group CEO of Tristar said, “I am delighted our share offer is now open, which provides investors with an opportunity to share in Tristar’s long-term growth aspirations. Our business has achieved considerable success over the last 23 years delivering revenues of $453.4 million, and EBITDA of $103.6 million for the year ended December 31st, 2020.” He also added that their main operating metrics for the first quarter of 2021 are trending positively, and they see significant opportunities to continue to drive steady and sustained growth as they expand their geographic reach and support services whilst continuing to innovate and shape the logistics industry.

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