Alpha Data to Sell 40% Stake in IPO Debut

Alpha Data, a technology services company in the UAE, is preparing an initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). This IPO, being the first of the year in the UAE, involves the sale of 400 million shares, constituting 40% of Alpha Data's capital. These shares are currently held by Bin Hamoodah and Ibbini Investment, and they retain the option to modify the offering size before the subscription period concludes. EFG-Hermes and Emirates NBD Capital PSC are serving as joint global coordinators and joint book runners, with Abu Dhabi Commercial Bank PJSC also acting as a joint book runner. Furthermore, compliance with Shariah principles has been confirmed by Emirates NBD ISSC. The subscription is scheduled to start on February 20, 2025, and end on February 25, 2025, for both retail and professional investors, with the share price being decided through a book-building process. The shares are anticipated to be available for trading in March 2025. In terms of financial performance, Alpha Data plans to distribute a dividend of AED 130 million for the year ending December 31, 2025. The company, established in 1981, offers custom computer solutions and reported a net profit of AED 127 million on revenue of AED 2.32 billion for 2024.