Abu Dhabi’s Alpha Data has announced plans for an IPO on the Abu Dhabi Securities Exchange (ADX). The digital transformation firm will offer 400 million ordinary shares, constituting 40% of its issued share capital, at a nominal price of AED 0.03 per share.
This move aligns with Abu Dhabi’s broader strategy to strengthen its financial markets and attract more investors to its growing tech sector.
The shares being offered belong to existing stakeholders, Bin Hamooda Group and Ibbini Investment Company. These shareholders reserve the right to modify the offering size and allocation before the subscription period closes, subject to regulatory approval from the UAE Securities and Commodities Authority.
The subscription window will open on 20 February 2025 and close on 25 February 2025. Trading on ADX is anticipated to commence in March 2025.
Gulf Economist Staff Writer