UAE: Alpha Data announces IPO; first firm to go public in 2025
One of the major providers and system integrators in UAE for digital transformation, Alpha Data stated on Thursday that it will offer 400 million shares with a nominal value of Dh0. 03.
The listing will be on the Abu Dhabi Securities Exchange, the company said. It would be the first listing of an IPO in the UAE this year.
All offer shares are existing shares owned by Bin Hamoodah Company and Ibbini Investment Company who retain the right to change the size of the offering (subject to approval of the Securities & Commodities Authority).
The subscription period will be open for both the retail and professional investors in the UAE from 20 February 2025 to Tuesday, 25 February 2025. The offer price will be discovered through a process of book building. It expected shares will be admitted to trading on the Abu Dhabi bourse in March 2025.
Founder and CEO of Alpha Data Fayez Ibbini stated that the company plan to launch a 40 per cent equity stake in Alpha Data on the Abu Dhabi Securities Exchange.
An IPO represents a significant milestone for Alpha Data and is an exciting part of our journey as a leading player in the regional enterprise digital transformation landscape," said Alpha Data CEO Ali A. AlDakheel. Mohamed Omran Al Shamsi, prospective Chairman of Alpha Data said: "As a business, we are constantly improving and developing the offering to maintain our place as a leader in our customers digital transformation journey and continue to align and support the strategy of the countries we operate in to enhance the technology input to national GDP.
The company, which has more than 1,500 staff in the UAE, Saudi Arabia and Qatar, was founded in 1981 in Abu Dhabi.
Fayez Ibbini stated that his company currently collaborates with more than 2200 companies in both sectors (public, private) in addition to government authorities.
Dividend Alpha Data has total issued share capital of Dh30 million divided into one billion shares, each with a nominal value of Dh0. 03, all of which is made in full.
The Group will pay a dividend of Dh130 million for the financial year ending December 31, 2025 in two equal tranches in October 2025 and in April 2026. It will then pay dividends on a semi-annually basis (April and October of each year) of at least 80 per cent of net profit for the corresponding financial period.
The offering shall be open for subscription by the Emirates Investment Authority up to 5 percent of the offering.
Joint global coordinators and joint bookrunners: EFG-Hermes and Emirates NBD Capital.
ABU DHABI, Aug 1 (Reuters) – Abu Dhabi Commercial Bank (ADCB.AD) has been appointed a joint bookrunner, a lead manager, a lead arranger and a syndication manager for a dual-tranche Eurobond of the Arab Republic of Egypt.
The receiving bank under the command is Emirates NBD Bank. Receiving banks include Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Emirates Islamic Bank and Wio Bank.
Alpha Data has three business segments: solutions, services and talent. Revenue jumped from Dh2 billion in 2023 to Dh2 billion. 32 billion last year. For 2024, it posted a net profit of Dh127 million, down from Dh133 in 2023.
The combined proceeds from two IPOs in Q4 2024 on the Abu Dhabi Securities Exchange (ADX) were $2 billion according to EY. Lulu Retail Holdings ($1.7 billion) and ADNH Catering ($235 million) Mair Group was also directly listed during this time frame on the ADX. Dubai's DFM had a new listing in Q4, raising more than $2 billion in total in a consumer and technology company called Talabat Holding plc.
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