UAE technology services firm Alpha Data announced on Thursday its plans to raise up to $163.2 million in Abu Dhabi's inaugural initial public offering of the year. The company intends to list 400 million shares at a price range of 1.45 to 1.50 dirhams each, suggesting a potential market value of $408 million. The offering comprises existing shares owned by investors Bin Hamoodah and Ibbini Investment.
Alpha Data anticipates distributing a total dividend of 130 million dirhams ($35.40 million) in 2025. The IPO subscription period will commence on Thursday, closing on February 25, with stock trading expected to begin around March 11. In recent years, stock markets in the Gulf region have witnessed a surge in IPO activity, supported by governmental initiatives to diversify their economies beyond oil.
In 2024, Alpha Data reported a net profit of 127 million dirhams and revenue of 2.32 billion dirhams. (1 USD = 3.6723 UAE dirhams)