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IPO, Initial public offering concept. Businesswomen use a tablet with virtual IPO words with stock graphs to boost the growth of the IPO process. Image used for illustrative purpose. Getty Images
Alpha Data, a UAE-based technology services company, plans to sell 400 million shares in an IPO and intends to list on the Abu Dhabi Securities Exchange (ADX), in what will be the first public offering in the country this year.
All shares, making up 40% of its capital, that are offered for sale are held by Bin Hamoodah and Ibbini Investment. They reserve the right to amend the size of the offering at any time prior to the end of the subscription period.
EFG-Hermes and Emirates NBD Capital PSC have been appointed as joint global coordinators and joint book runners. Abu Dhabi Commercial Bank PJSC has been appointed as joint book runner.
Emirates NBD ISSC has declared the offering is compliant with Shariah principles.
The subscription period for both UAE retail and professional investors will open on February 20, 2025, and end on Tuesday, February 25, 2025.
The offer price will be determined through a book-building process.
Following the IPO, the shares are expected to be admitted for trading on the ADX in March 2025.
For the financial year ending 31 December 2025, Alpha Data intends to distribute a dividend of AED 130 million, payable in two equal installments in October 2025 and April 2026. Thereafter, it will pay a minimum of 80%.
Established in 1981, Alpha Data offers bespoke computer-based solutions for customers.
It made a net profit of AED 127 million in 2024 and revenue of AED 2.32 billion.
(Reporting by Brinda Darasha; editing by Seban Scaria)
