Alpha Data Plans $163.2-million IPO

Alpha Data Plans $163.2-million IPO 

UAE-based technology services firm Alpha Data plans to raise up to $163.2 million through an initial public offering (IPO), marking Abu Dhabi’s first IPO of the year.

The company aims to list 400 million shares, priced between AED1.45 ($0.39) and AED1.50 ($0.41) each, which would value the company at up to $408 million.

The IPO will include shares from shareholders Bin Hamoodah and Ibbini Investment.

Subscription opens on Feb. 20 and closes on Feb. 25, with stock trading expected to begin around March 11.

For 2025, Alpha Data projects a dividend payout of AED130 million.

The company reported a net profit of AED127 million and revenue of AED2.32 billion for 2024.

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