Alpha Data Set Sights on $163 Million IPO in Abu Dhabi

Alpha Data, a technology services company based in the UAE, has announced its intention to raise up to AED 600 million ($163 million) through an initial public offering (IPO) in Abu Dhabi. The company plans to issue 400 million shares with an offer price range set between AED 1.45 and AED 1.50 per share, implying a market capitalization upon listing of AED 1.45 billion to AED 1.50 billion. The final offer price will be determined through a book building process expected to conclude by February 26, 2024. The shares are slated for trading on the Abu Dhabi Securities Exchange (ADX) by March 11, 2024. The offering is structured to include 5% for UAE retail investors and 95% for qualified investors, with the subscription period open from February 20 to 25. Joint Global Coordinators and Joint Bookrunners for the IPO are EFG Hermes, Emirates NBD Capital PSC, and Abu Dhabi Commercial Bank. Alpha Data, founded in 1981 by Fayez Ibbini, specializes in providing computer-based solutions and reported a net profit of AED 127 million with revenue of AED 2.32 billion in 2024. The company has proposed a dividend of AED 130 million for 2025. This IPO follows a year marked by significant fundraising in the UAE, including a $1 billion stake offering from Etihad Airways.