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Sun 30 Mar 2014 01:29 PM

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Dubai's Able Logistics picks Shuaa to manage IPO

Freight forwarding company expects to launch initial public offering later this year

Dubai's Able Logistics picks Shuaa to manage IPO

Dubai freight-forwarding company Able Logistics Group has appointed Shuaa Capital as lead manager and bookrunner for its initial public offering later this year, the investment bank said on Sunday.

Buyout firm GrowthGate Capital plans to take Able Logistics Group public on the Dubai Financial Market around the end of 2014, GrowthGate, which owns 70 percent of Able, said earlier this month.

Set up in 2001, Able has annual turnover of about $200 million and operations across Gulf Arab countries and in Hong Kong. It also provides land transport and warehousing services.

Shares in Shuaa Capital surged 29 percent last week on what traders said were expectations that the investment bank would benefit from the recovery in Dubai's IPO market.

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