Dubai's ALEC seeks to raise up to $381 million in IPO

DUBAI, Sept 23 (Reuters) - ALEC Holdings, a Dubai-based engineering and construction firm, is seeking to raise up to 1.4 billion dirhams ($381.25 million) through an initial public offering (IPO), it said on Tuesday, tapping into a construction boom in the Gulf.

The firm is offering 1 billion shares, equivalent to a stake of 20%, to investors at an indicative price range of 1.35 dirhams to 1.40 dirhams each, it said in a statement, implying a market capitalisation of up to $1.91 billion.

ALEC said it would not receive IPO proceeds, which will go to its parent, the Investment Corporation of Dubai (ICD).

($1=3.6721 UAE dirham)