Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
Alpha Data, a leading provider of IT services in the UAE, on Thursday announced the price range and subscription period for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
The price range has been set between Dh1.45 and Dh1.50 per share, implying a market capitalisation at the time of listing between Dh1.45 billion ($395 million) and Dh1.50 billion ($408 million).
As previously stated, 400 million shares with a nominal value of Dh0.03 each are being offered, representing 40% of the group’s total issued share capital.
Alpha Data expects to distribute a Dh130 million dividend for 2025, translating to a dividend yield of 9.0%-8.7%, based on the price range.
The IPO comprises a retail offering for individual investors and a qualified investor offering for professional investors. Retail investors will be allocated 5% of the offered shares, while 95% is reserved for professional investors.
The subscription period opens on Thursday, February 20, and closes on Tuesday, February 25, for both retail and professional investors. The final offer price, determined through a book-building process, will be announced on Wednesday, February 26. Trading on ADX is expected to begin on or around March 11, 2025.
Fayez Ibbini, Founder and CEO of Alpha Data, stated:
“I have been hugely encouraged by the strong interest Alpha Data has received since we announced our intention to float on ADX last week. Our IPO offers a rare opportunity to invest in a homegrown UAE family business with strong fundamentals. With our recent expansion into Saudi Arabia and Qatar, Alpha Data is well positioned to drive further growth across key business verticals. We look forward to welcoming new shareholders to be part of our growth story.”
