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.
Brief scores:
Toss: South Africa, chose to field
Pakistan: 177 & 294
South Africa: 431 & 43-1
Man of the Match: Faf du Plessis (South Africa)
Series: South Africa lead three-match series 2-0
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Asia Cup Qualifier
Final
UAE v Hong Kong
TV:
Live on OSN Cricket HD. Coverage starts at 5.30am
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
The%20Kitchen
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