Massar Solutions plans Dh576M IPO, to list on ADX
This would value the company at Dh1.44 billion or 16.6x earnings annualising the nine months results
Dubai: UAE’s vehicle rental firm Massar Solutions said on Monday it plans to raise Dh576 million by selling 240 million shares or 40 per cent of the issued share capital.
The offer proceeds will be paid to the Selling Shareholders, which are Invest AD and National Energy Company (TAQA). Invest AD and TAQA own 51 per cent and 49 per cent of the shares respectively and are selling 120 million offer shares each.
Massar currently owns and operates a fleet of about 9,755 vehicles and manages a further fleet of about 6,755 for third party clients. The Company plans to increase its fleet and managed vehicles to 16,000 and 20,000 units respectively over the next five years.
For the nine month period ended September 2014, Massar had net profit, revenue, and total assets of Dh64.9 million, Dh342.1 million, and Dh1.055 billion respectively.
