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Alpha Data, a UAE-based technology services company that plans to sell 400 million shares in an Abu Dhabi IPO, has set the offer price range between 1.45 dirhams ($0.39) and AED 1.50 ($0.41) per share, potentially raising up to AED 600 million ($163 million).
The price range implies a market capitalization on listing at between AED 1.45 billion and AED 1.50 billion.
The final offer price will be determined through a book building process and is expected to be announced on 26 February.
Shares will be admitted for trading on the Abu Dhabi Securities Exchange (ADX) on or about 11 March.
The UAE retail offering will represent 5% of the total offer size, and the qualified investor (QI) offering will represent 95% of the total offer size.
The subscription period will open between 20 and 25 February for both UAE retail investors and QIs.
Alpha Data plans to pay a dividend of AED 130 million for 2025, implying a dividend yield of 9% - 8.7%, based on the indicated price range.
EFG Hermes and Emirates NBD Capital PSC have been appointed as Joint Global Coordinators and Joint Bookrunners. Abu Dhabi Commercial Bank has been appointed as Joint Bookrunner.
Established in 1981 by Jordanian national Fayez Ibbini, Alpha Data offers computer-based solutions for customers.
It made a net profit of AED 127 million in 2024 and revenue of AED 2.32 billion.
Following a successful 2024 that saw firms in the UAE raise around $6 billion in IPOs, the Alpha Data issuance is the first from the UAE this year.
In the pipeline is a 20% stake offering from the Abu Dhabi-based Etihad Airways, which aims to raise around $1 billion.
(Reporting by Brinda Darasha; editing by Bindu Rai)
