UAE: Alpha Data IPO opens for subscription, announces offer price range
This implies its market capitalisation of Dh1.45- Dh1.50 billion at the time of listing.
Abu Dhabi-based firm would sell 400 million shares or 40 per cent stake in the company. This will be the first IPO in the UAE this year.
The subscription period will run from February 20 to February 25, for both UAE retail and professional investors.
The retail offering will represent 5 per cent of the total offer size, and the qualified investor offering will represent 95 per cent of the total offer size.
The minimum application size for retail subscribers is Dh5,000. Each successful subscriber will be guaranteed a minimum allocation of 2,000 Shares, subject to the total number of shares allocated pursuant to the minimum guaranteed allocation in the First Tranche not exceeding the total number of shares available in the First Tranche, in which case the minimum allocation could be lower than 2,000 shares.
While the minimum application size for second-tranche subscribers is Dh5 million.
The Emirates Investment Authority shall be entitled to subscribe for up to 5 per cent of the offer shares.
The final offer price will be determined through a book-building process and is expected to be announced on February 26. The listing on the Abu Dhabi Securities Exchange is expected to take place on or about March 11, 2025.
'I have been hugely encouraged by the strong interest Alpha Data has received since we announced our intention to float on the Abu Dhabi Securities Exchange last week. Our IPO marks a rare opportunity to invest in a homegrown UAE family business with strong fundamentals underpinned by macro-trends in the Information and Communications Technology sector, including the rapid growth of Agentic AI,' said Fayez Ibbini, founder and CEO of Alpha Data.
'With our recently established presence in Saudi Arabia and Qatar, Alpha Data is well positioned to drive further growth across key business verticals, supported by our main operations in the UAE,' he said.
The group is expected to distribute a dividend of Dh130 million in 2025.
EFG-Hermes and Emirates NBD Capital have been appointed as joint global coordinators and joint bookrunners. Abu Dhabi Commercial Bank has been appointed as a joint bookrunner.
Emirates NBD Bank has been appointed as the lead receiving bank. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Maryah Community Bank, Emirates Islamic Bank, and Wio Bank have also been appointed as receiving banks.
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