Alpha Data, a UAE-based IT services company, plans to raise nearly $200 million from an initial public offering (IPO) in Abu Dhabi, Bloomberg reported.

The company is working with EFG Hermes and Emirates NBD Capital on the potential share sale which could happen by year-end, the report said.

The IPO size and timing are still preliminary, the news agency added. 

Alpha Data offers ICT solutions, including artificial intelligence, mobility, security, Internet of Things, big data and cloud computing.

Last month, the UAE stock markets attracted a new market capitalisation of nearly 21.3 billion UAE dirhams ($5.8 billion), thanks to three new IPOs witnessed since the beginning of this year.

Alef Education Holding topped with a market capitalisation of AED 9.45 billion as the first IPO on the Abu Dhabi Securities Exchange (ADX) this year.

(Editing by Seban Scaria