Alpha Data Announces Plans For Initial Public Offering And Listing On ADX

Alpha Data, a prominent digital transformation provider in the UAE, has announced plans for an initial public offering (IPO). The company intends to list its ordinary shares on the Abu Dhabi Securities Exchange (ADX). The group aims to offer 400 million shares, each priced at AED0.03, representing 40% of its issued share capital.

The shares being offered originate from existing shareholders, Bin Hamooda Group and Ibbini Investment Company. These shareholders retain the right to modify the offering size or any tranche before the subscription period ends. This is subject to obtaining approval from the UAE Securities and Commodities Authority and adhering to applicable laws.

The subscription period for the IPO will commence on Thursday, 20th February 2025, and conclude on Tuesday, 25th February 2025. This period is open to both individual investors in the UAE and professional investors. The offering price will be set through a book-building process during this time. Trading of shares on ADX is anticipated to start in March 2025.

Mohamed Omran Al Shamsi, who is expected to become Alpha Data's Chairman, expressed that the IPO will help solidify the company's position as a leader in digital transformation. He emphasised that this move builds upon their past achievements.

Fayez Ibbini, Founder and CEO of Alpha Data, highlighted the company's growth since its inception in 1981. He stated, "Since its establishment in 1981, Alpha Data has grown steadily and achieved significant expansion. We now work with over 2,200 institutions, both public and private, and have expanded geographically to include Saudi Arabia and Qatar."

The prospectus for the public offering outlines that Alpha Data's total issued share capital amounts to AED30 million. This capital is divided into one billion fully paid shares, each with a nominal value of AED0.03.

This strategic move by Alpha Data aims to leverage its established market presence while expanding further within the digital transformation sector across the region.

With inputs from WAM