Alpha Data announced today the price range and start of the subscription period for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). The offer price range has been set between AED1.45 and AED1.50 per share, implying a market capitalization at the time of listing between AED1.45 billion ($395 million) and AED1.50 billion ($408 million).
The company also noted that the subscription period will open on Thursday, February 20, 2025, and end on February 25 for both UAE retail investors and professional investors.
“Our IPO marks a rare opportunity to invest in a homegrown UAE family business with strong fundamentals underpinned by macro-trends in the Information and Communications Technology sector, including the rapid growth of Agentic AI,” stated Fayez Ibbini, founder and CEO of Alpha Data.
Alpha Data allocates 5 percent of IPO to UAE retail investors
Alpha Data is listing 400,000,000 shares each with a nominal value of AED0.03, representing 40 percent of the group’s total issued share capital. All of the shares in the IPO are existing shares held by Bin Hamoodah Company LLC and Ibbini Investment Company LLC, both of which reserve the right to amend the size of the offering at any time prior to the end of the subscription period at their sole discretion, subject to applicable laws and the approval of the SCA.
The Alpha Data IPO will comprise a first tranche for UAE retail investors and a second tranche for professional investors outside the United States, including the UAE. The UAE retail offering will represent 5 percent of the total offer size, and the qualified investor offering will represent 95 percent of the total offer size.
The minimum application size for first-tranche subscribers is AED5,000. Each successful subscriber in the first tranche will be guaranteed a minimum allocation of 2,000 shares. Meanwhile, the minimum application size for second-tranche subscribers is AED5,000,000.
Alpha Data also noted that the final offer price will be determined through a book-building process and is expected to be announced on February 26. Admission of shares for trading on the ADX is expected to take place on or about March 11.
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Group to distribute dividend of AED130 million
The group is expected to distribute a dividend of AED130 million with respect to 2025, implying a dividend yield of 9- 8.7 percent assuming the offer price range.
“With our recently established presence in Saudi Arabia and Qatar, Alpha Data is well positioned to drive further growth across key business verticals, supported by our main operations in the UAE. This was demonstrated by the robust performance across the business in 2024; momentum we have seen continue into 2025,” added Ibbini.
Alpha Data said that it appointed EFG-Hermes and Emirates NBD Capital PSC as Joint Global Coordinators and Joint Bookrunners for the IPO. Meanwhile, Abu Dhabi Commercial Bank PJSC has been appointed as Joint Bookrunner.
The company also appointed Emirates NBD Bank PJSC as the Lead Receiving Bank. Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank, Al Maryah Community Bank, Emirates Islamic Bank, and Wio Bank have also been appointed as Receiving Banks.
