The Emirates Global Aluminium company is contemplating an initial public offering (IPO) of its shares, according to sources. The firm has already solicited proposals from multiple banks as part of its efforts to evaluate the potential for listing, a move that could generate billions in revenue.
Two sources indicated that Rothschild & Co. has been appointed to advise the company on this venture.
Emirates Global Aluminium has been considering the public offering option for some time, operating aluminum smelting facilities in both Abu Dhabi and Dubai.
In a 2023 interview with Bloomberg, Khaldoon Al Mubarak, CEO of Mubadala, stated that the company might launch its IPO “possibly this year,” following a report two years prior where Bloomberg mentioned that the company was preparing to hire banks including Citigroup, Goldman Sachs, and JP Morgan, valuing the firm at over $15 billion at that time.
Sources revealed that the choice of the listing market will be a critical factor in this deal, as both Abu Dhabi and Dubai are keen to encourage companies to list on their exchanges. This initiative aims to enhance the depth of their financial markets and generate returns from strategic assets, including government-owned firms, which has contributed to making the UAE one of the most dynamic markets for public offerings globally in recent years.
The company stated in a release that it is “exploring potential requirements to ensure readiness, should shareholders decide to proceed with the public offering in the future,” emphasizing that any decision regarding the IPO remains at the discretion of the shareholders.