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Initial Public Offering. IPO. Financial trade. Investment. Image used for illustrative purpose. Getty Images
Alpha Data, the technology services company that plans to sell 400 million shares in an Abu Dhabi IPO, has priced the offer at 1.50 dirhams ($0.41) per share, the top end of the indicated range, on strong investor demand for the UAE’s first public share sale of the year.
The IPO raised AED 600 million ($163 million) and the price implies a valuation of AED1.5 billion ($408 million).
Investor interest came from across the GCC region as well as international investors resulting in a double-digit oversubscription level, the company said.
Alpha Data shares are expected to commence trading on the ADX on or around 11 March 2025 under the ticker symbol “ALPHADATA”.
(Writing by Brinda Darasha; editing by Seban Scaria)
