Tristar announced plans to float up to 24 per cent of its shares last month.
The company, which was founded in 1998 as a road transport business but has developed into a storage and distribution company working with major oil firms, was looking to raise up to $160 million in primary proceeds from the float. Existing shareholders Agility (which owns 65.12 per cent of the company), Gulf Investment Corporation (19.61 per cent) and an investment vehicle owned by founder and chief executive Eugene Mayne (15.27 per cent) were also planning to sell shares through a secondary offering.
Earlier this month, the company announced an indicative price range of Dh2.20-Dh2.70 for the shares, inferring a market capitalisation of Dh2.64 billion–Dh3.24bn ($719 million-$882m) for the business.
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