UAE technology company Alpha Data has raised Dh600 million ($163 million) from its initial public offering on the Abu Dhabi Securities Exchange, setting the price at the top of the range.
The company closed the books at Dh1.50 per share, which implies a market capitalisation of Dh408 million at the time of its listing, Alpha Data said on Wednesday.
Bin Hamoodah Company and Ibbini Investment, the selling shareholders, offered 400 million shares, which is 40 per cent of its issued share capital.
Alpha Data shares are expected to begin trading on the ADX on or around March 11 under the ticker symbol “ALPHADATA”, it said.
The company, which has a total issued share capital of Dh30 million, expects to distribute a dividend of Dh130 million in 2025.
The “strong demand” for Alpha Data's IPO is “a testament to the market’s confidence in our business model, strategic vision and our standing as a home-grown UAE family business”, Fayez Ibbini, founder and chief executive of Alpha Data, said.
Alpha Data, established in 1981, is the latest company seeking to sell shares to the public amid a listing boom driven by robust investor demand for new issues.
The company is seeking to tap into the technology boom in the UAE, where the government has continued to champion digital transformation and the adoption of emerging innovations as it transitions to the economy of the future.
The continued economic momentum in the UAE, the Arab world's second-largest economy, has also boosted listings across sectors on both the Abu Dhabi bourse and the Dubai Financial Market.
Alpha Data's planned listing follows a string of IPOs over the past year. Talabat Holding, the Middle Eastern unit of Germany's food delivery platform Delivery Hero, raised Dh7.5 billion in November in what was the Gulf's biggest IPO last year. Also that month, UAE retail major Lulu Group raised Dh6.32 billion.
Other UAE IPOs last year included NMDC Energy, a unit of Abu Dhabi contractor National Marine Dredging Company, raising $877 million, and Alef Education, which raised $515 million.
Analysts say the pipeline of IPO deals in the UAE remains strong amid robust expansion of the non-oil sector in the economy. The government's push to unlock value in state entities, and to sell stakes, is also supporting deal flows.
Dubai Investments, a diversified company in which the sovereign wealth fund Investment Corporation of Dubai holds a stake, last month said it plans to take four of its subsidiaries public.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
THE BIO
Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.
She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.
She is the youngest of three children, and has a brother and sister.
Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring the natural world.
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
The specs
Engine: 4 liquid-cooled permanent magnet synchronous electric motors placed at each wheel
Battery: Rimac 120kWh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power: 1877bhp
Torque: 2300Nm
Price: Dh7,500,00
On sale: Now
Turkish Ladies
Various artists, Sony Music Turkey
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US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
