Alpha Data Announces IPO Opening February 20-25 With Share Price Range Of AED 1.45 To AED 1.50

Alpha Data PJSC, along with its subsidiaries, has announced the price range and subscription period for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). The offer price is set between AED1.45 and AED1.50 per share, suggesting a market capitalisation between AED1.45 billion (US$395 million) and AED1.50 billion (US$408 million).

A total of 400 million shares, each valued nominally at AED0.03, will be offered, representing 40% of the Group's total issued share capital. The Group plans to distribute a dividend of AED130 million for 2025, indicating a yield between 8.7% and 9.0%, based on the offer price range.

The shares being sold are currently owned by Bin Hamoodah Company LLC and Ibbini Investment Company LLC. These entities can adjust the offering size before the subscription period ends, subject to legal requirements and SCA approval. The offering includes a UAE Retail Offering for local investors and a Qualified Investor Offering for professional investors outside the US, including those in the UAE.

The UAE Retail Offering will account for 5% of the total offer size, while the Qualified Investor Offering will cover 95%. The subscription period begins on Thursday, 20 February 2025, and concludes on Tuesday, 25 February 2025, for both retail and professional investors.

The final offer price will be determined through a book-building process and is expected to be announced on Wednesday, 26 February 2025. Trading of shares on ADX is anticipated to commence around 11 March 2025.

The Internal Sharia Supervision Committee of Emirates NBD has confirmed that the offering complies with Shariah principles. This endorsement adds an additional layer of appeal to potential investors interested in Sharia-compliant investments.

CEO's Perspective on IPO

Fayez Ibbini, Founder and CEO of Alpha Data, expressed optimism about the strong interest shown since announcing their intention to list on ADX. "I have been hugely encouraged by the strong interest Alpha Data has received since we announced our intention to float on the Abu Dhabi Securities Exchange last week," he stated.

Ibbini highlighted that this IPO offers a unique chance to invest in a UAE family business with solid fundamentals driven by trends in Information and Communications Technology (ICT), such as Agentic AI's growth. With operations expanding into Saudi Arabia and Qatar, Alpha Data aims to enhance growth across key business sectors from its UAE base.

The company demonstrated robust performance in 2024, which continues into 2025. Ibbini looks forward to announcing the final offer price soon and welcoming new shareholders into their growth journey.

With inputs from WAM