Dubai-based fuel distributor Tristar will price its initial public offering on the Dubai Financial Market at Dh2.20-Dh2.70 per share, inferring a market capitalisation of between Dh2.64 billion–Dh3.24bn ($719 million-$882m) for the business.
The company began offering shares to qualified investors on Sunday and said it would sell 20 per cent of its shares as a "base case", but could list up to 24 per cent. It expects to raise between Dh438m-Dh537m in primary proceeds through the sale of new shares, while shareholders will sell between Dh90m-Dh240m of existing shares through a secondary offering.
“I am delighted our share offer is now open, which provides investors the opportunity to share in Tristar’s long-term growth aspirations," the company's founder and chief executive Eugene Mayne said. "Our business has achieved considerable success over the last 23 years."
Tristar plans to list its shares on the Dubai Financial Market this month. The company is currently owned by Kuwait-based logistics group Agility, Gulf Investment Corporation and an investment vehicle owned by Mr Mayne, with stakes of 65.12 per cent, 19.61 per cent and 15.27 per cent, respectively.
The company has a fleet of more than 2,000 lorries and 35 maritime vehicles serving national and international oil companies. It also operates 69 fuel farms and more than 100 remote sites in 21 countries across three continents.
Its earnings before interest, tax, depreciation and amortisation for 2020 stood at $103.6m on revenue of $453.4m.
The company intends to use some of the proceeds to repay about Dh197m of loans and payables to related parties.
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'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
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