The stabilisation period ended for ADX-listed Alpha Data with 6.9m shares used to support the stock, representing 17% of a 40m-share brownshoe.

Use of stabilisation reduces the deal to Dh589.7m (US$160.5m) from Dh600m.

No shares were bought during the first week of trading following the company’s March 11 debut. In the following weeks stabilisation agent BHM Capital was active with 871,550 shares bought between March 18–24, 353,017 bought from March 25–April 2 and, amid more recent market turmoil, a much larger 5.68m were bought between April 3–9.

Alpha Data provided a relatively positive data point for UAE private sector IPOs at debut, closing up 6.7% on its Dh1.50 issue price on day one, and while under pressure it didn't close below issue until April 7.

After slipping as low as Dh1.47 on Monday the stock appears to be showing signs of recovery and closed up 1.3% at Dh1.54 on Wednesday.

EFG Hermes and Emirates NBD were joint global coordinators, and joint bookrunners with Abu Dhabi Commercial Bank.

All of 2024’s private sector deals remain below issue, with the worst being Lulu Group down 42.7%.

Of 2024’s issuance in the UAE, only state-backed Parkin has delivered sizeable returns for investors, with shares 127.6% above issue.

Source: IFR