Alpha Data Set for $163 Million IPO in Abu Dhabi
Deal News | Feb 20, 2025 | Zawya
Alpha Data, a prominent UAE-based technology services firm, is set to launch an Initial Public Offering (IPO) aimed at raising up to AED 600 million ($163 million) by selling 400 million shares on the Abu Dhabi Securities Exchange (ADX). The shares, to be sold at a range of AED 1.45 to AED 1.50, suggest a market capitalization between AED 1.45 billion and AED 1.50 billion. The final pricing will be confirmed on February 26 after a book-building process, with trading anticipated from March 11. The offering will predominantly cater to qualified investors, comprising 95% of total shares, with the rest for UAE retail investors. EFG Hermes and Emirates NBD Capital PSC have been appointed as joint global coordinators. Established in 1981 by Fayez Ibbini, Alpha Data reported a net profit of AED 127 million on revenues of AED 2.32 billion for 2024 and promises a dividend of AED 130 million for 2025. The IPO scene in the UAE is vibrant, as evidenced by a triumphant 2024 which saw $6 billion raised, with Alpha Data leading the market at the onset of 2025.
Sectors
- Technology Services
- Financial Services
Geography
- United Arab Emirates – Alpha Data is a UAE-based company, and the IPO is set to take place on the Abu Dhabi Securities Exchange.
Industry
- Technology Services – Alpha Data operates in the technology services sector, providing computer-based solutions since its establishment.
- Financial Services – The IPO is a significant financial transaction involving book-building, market listing on the ADX, and coordination by financial institutions such as EFG Hermes and Emirates NBD Capital.
Financials
- AED 600 million – Maximum funds to be raised by Alpha Data through the IPO.
- AED 1.45 billion to AED 1.50 billion – Expected market capitalization of Alpha Data post-IPO listing.
- AED 130 million – Planned dividend payout for 2025.
- AED 127 million – Net profit reported by Alpha Data for the year 2024.
- AED 2.32 billion – Total revenue reported by Alpha Data for the year 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Alpha Data | Target | Company | A UAE-based technology services company planning an IPO. |
| EFG Hermes | Joint Global Coordinator and Joint Bookrunner | Company | Collaborating to manage the IPO process for Alpha Data. |
| Emirates NBD Capital PSC | Joint Global Coordinator and Joint Bookrunner | Company | Collaborating to manage the IPO process for Alpha Data. |
| Abu Dhabi Commercial Bank | Joint Bookrunner | Company | Collaborating in the IPO process as a Joint Bookrunner. |
| Fayez Ibbini | Founder | Person | Founder of Alpha Data and a key figure in its establishment and growth. |