United Arab Emirates-based Alpha Data has announced plans for an initial public offering as listings in the Middle East gain momentum. Under terms of the deal, seen by Bloomberg, the IT services firm will sell a 40% stake, or up to 400 million shares, in Abu Dhabi. The subscription period will begin on February 20, and the firm is expected to list around March 11, reported by Bloomberg.
Abu Dhabi Commercial Bank is joint bookrunner
EFG Hermes and Emirates NBD Capital are joint global coordinators for the share sale, with Abu Dhabi Commercial Bank acting as joint bookrunner. The company is seeking to raise at least $200 million from the deal. Alpha Data Technologies, founded in 1981 by Jordanian Fayez Ibbini, includes artificial intelligence, security, big data and cloud services, according to its website.
Under the terms of the deal, the company plans to pay a dividend of 130 million dirhams ($35 million) for the fiscal year ending Dec. 31, 2025, to be paid in two equal installments. The companies raised more than $6 billion through new share sales in the UAE last year, thanks to huge listings by LuLu Retail Holdings Plc and Talabat Holding Plc, making it the busiest IPO in the Gulf.
Etihad Airways PJSC to IPO in Abu Dhabi
The trend is set to continue: Etihad Airways PJSC is set to launch a $1 billion IPO in Abu Dhabi, making it the first major Gulf carrier to go public. In neighboring Dubai, an investment vehicle controlled by the emirate’s ruler is preparing to list two separate real estate portfolios, and the state-backed Investment Corp. of Dubai is trying to sell shares in a construction company.
In neighboring Saudi Arabia, there has already been a surge in IPOs in the first few weeks of 2025. An online brokerage, a Mecca-based developer and a poultry producer have all announced plans to go public. Alpha Data operates in the UAE, Qatar and Saudi Arabia and has 1,500 employees.