Integrated liquid logistics solutions provider Tristar Transport announced its intention to proceed with an initial public offering on the Dubai Financial Market (DFM).
The offer size is expected to represent up to 24% of the total issued ordinary shares after the offering in the capital of Tristar. The offering will comprise a primary issuance of 199,000,000 new shares in addition to a secondary offering of up to 88,760,000 existing shares by existing shareholders.
Tristar expects to receive between USD120 to USD160 million of gross primary proceeds from the offering.
The existing shares are being offered by Agility Tristar SPV Ltd, Star Holdings Ltd, and Diamond SPV Limited, who currently own 65.12%, 19.61%, and 15.27% of the shares of the company, respectively.
Commenting on announcement, Eugene Mayne, Group CEO of Tristar said: “I am proud to have witnessed the evolution of Tristar from a local road transportation business into a global world-class integrated energy logistics solutions provider serving blue-chip clients, with an offering that spans road and maritime transportation, specialised warehousing, fuel farms, and fuel supply operations.
“Tristar’s IPO marks an exciting milestone in the Group’s story as we continue to grow, innovate and shape the future of the logistics industry.”