UAE's Alpha Data Plans $200 Million IPO on ADX
The specifics, including the size of the sale, are still preliminary and subject to change.
IT services firm Alpha Data is planning to raise around $200 million through an IPO on the Abu Dhabi Securities Exchange (ADX) as soon as this year, Bloomberg reports, citing sources familiar with the matter. The Abu Dhabi-based company has engaged EFG Hermes and Emirates NBD Capital as advisors for the potential share sale. The specifics, including the size of the sale, are still preliminary and subject to change.[1]
The ADX is expected to witness several major IPOs this year, including the Gulf’s first airline IPO by Etihad Airways, which has already engaged advisors for the sale, and supermarket chain LuLu Group.
Also, ADX witnessed the IPO of the edtech firm Alef Education.
On May 9th, Dubai Financial Market (DFM) witnessed the listing of Spinneys. Spinneys' IPO attracted interest from international and regional institutional investors, as well as retail investors in the UAE, garnering approximately AED 71 billion ($19.33 billion) in orders.
Ali Khalpey, EFG Hermes’ head of equity capital markets, told Bloomberg he expects more IPOs this year, particularly from the private sector. Private-sector IPOs in the GCC are expected to range between $300 million to $500 million this year, with government listings likely to be larger. Dominant sectors include e-commerce and IT, Khalpey said.