Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
Alpha Data’s initial public offering (IPO) attracted “double-digit oversubscription” from investors, the company announced on Wednesday.
The final IPO price has been set at Dh1.50 per share, the upper end of the offer price range, raising a total of Dh600 million ($163 million). This values the company at Dh1.5 billion ($408 million) at the time of listing.
The company confirmed the successful completion of the book-building and public subscription process for its IPO. Trading on the Abu Dhabi Securities Exchange (ADX) is expected to commence on or around March 11 under the ticker symbol “ALPHADATA”.
Alpha Data is set to distribute a dividend of Dh130 million in 2025, implying a dividend yield of 8.7%.
Fayez Ibbini, Founder and CEO of Alpha Data, said: “I am thrilled with the strong demand we’ve seen from investors for Alpha Data’s IPO. This is a testament to the market’s confidence in our business model, strategic vision, and our standing as a homegrown UAE family business. As we move forward into an exciting new chapter, we welcome our new shareholders and will continue to work hard to drive Alpha Data’s growth journey.”
A total of 400 million shares, each with a nominal value of Dh0.03, were offered in the IPO, representing 40% of the company’s ownership. Of these, 20 million shares were allocated to retail investors, while 380 million shares were designated for professional investors.
