Fleet

Massar Solutions said to put brakes on IPO

Fleet-management firm likely to postpone Abu Dhabi share offering, according to press reports

PHOTO: U-turn? A planned IPO by fleet-management firm Massar Solutions is said to have been put on hold. Credit: Shutterstock

The fleet-management firm Massar Solutions is likely to postpone its initial public offering (IPO) on the Abu Dhabi Securities Exchange, according to a press report.

The firm, which operates a fleet of 9,755 vehicles and manages 6,755 more for third party clients, saw a “disappointing” take-up of shares, according to The National.

Less than half the shares in the Dh576 million IPO were taken up, according to the newspaper.

A final decision on the listing is expected within two days, but it is likely that Abu Dhabi firm’s IPO will be postponed, The National reported.

Massar had said previously it would sell 40 percent of its shares on the Abu Dhabi Securities Exchange with the expected listing date of February 18. The listing was to be open only to Emirati citizens and financial institutions.

Massar was formed in 1998 as part of the Abu Dhabi Water & Electricity Authority, and was initially known as the Al Wathba Company.

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