ABU DHABI, (Pakistan Point News - 13th Feb, 2025) Alpha Data and its subsidiaries, one of the leading digital transformation providers and system integrators in the UAE, announced today its intention to proceed with an initial public offering (IPO) and to list its ordinary shares on the Abu Dhabi Securities Exchange (ADX).
According to a press statement issued today, the group plans to offer 400 million shares at a nominal value of AED0.03 per share, representing 40 percent of the company's issued share capital.
The statement confirmed that all shares being offered are from existing shareholders, namely Bin Hamooda Group and Ibbini
Investment Company, which retain the right to adjust the size of the offering and any tranche at any time before the end of the subscription period, at their discretion and in accordance with applicable laws, after obtaining approval from the UAE Securities and Commodities Authority.
The subscription period will begin on Thursday, 20th February 2025, and end on Tuesday, 25th February 2025, for individual investors in the UAE as well as professional investors.
The offering price will be determined through a book-building process during the subscription period, with the shares expected to begin trading on ADX in March 2025.
Mohamed Omran Al Shamsi, Alpha Data prospective Chairman, stated that the initial public offering will enable the company to build on its successes and further establish itself as a leading provider in the digital transformation sector.
Fayez Ibbini, Founder and Chief Executive Officer, Alpha Data, added, "Since its establishment in 1981, Alpha Data has grown steadily and achieved significant expansion. We now work with over 2,200 institutions, both public and private, and have expanded geographically to include Saudi Arabia and Qatar."
The total issued share capital of Alpha Data, as set in the prospectus for the public offering, is AED30 million, divided into one billion shares, each with a nominal value of AED0.03, all of which are fully paid.
