Alpha Data PJSC, a leading provider of digital transformation and systems integration in the UAE, has announced the price range and commenced the subscription period for its initial public offering (IPO) on the Abu Dhabi Stock Exchange (ADX).
The offering price is set in the range of 1.45 to 1.50 dirhams per share, which values the company between 1.45 billion and 1.50 billion dirhams. A total of 400 million shares will be available with a nominal value of 0.03 dirhams, accounting for 40% of Alpha Data's total issued capital.
The group plans to pay a dividend of 130 million dirhams for 2025, which implies a dividend yield of 8.7% to 9.0% from the offering price range. The proposed share structure consists of existing shares owned by Bin Hamoodah Company LLC and Ibbini Investment Company LLC, which may alter the offering size before the conclusion of the subscription period.
The IPO includes 5% of the total offering for retail investors and 95% for qualified investors, including international investors beyond the UAE, including the UAE. The subscription period runs from February 20 to February 25, 2025, for both retail and qualified investors.
The final offer price will be determined through a book-building process and announced on February 26, 2025. The listing on ADX is expected to take place around March 11, 2025.
The internal Shariah supervisory committee of Emirates NBD confirmed compliance with the principles of Shariah for the IPO.
