(Reuters) -UAE technology services firm Alpha Data plans to raise up to $163.2 million, the company said on Thursday, in Abu Dhabi’s first initial public offering this year.
Alpha Data plans to list 400 million shares in a price range of 1.45 dirhams to 1.50 dirhams apiece, which implies a market value of up to $408 million.
The offering consists entirely of existing shares held by investors Bin Hamoodah and Ibbini Investment.
Alpha Data expects to distribute a total dividend of 130 million dirhams ($35.40 million) in 2025.
The IPO subscription will open on Thursday and end on February 25, and the stock will trade on the exchange on or about March 11.
Stock markets in the Gulf have seen a wave of IPOs in recent years, aided by government efforts to diversify their economies away from oil.
Alpha Data reported a net profit of 127 million dirhams and revenue of 2.32 billion dirhams for 2024.
($1 = 3.6723 UAE dirham)
(Reporting by Abinaya Vijayaraghavan; Editing by Kim Coghill and Subhranshu Sahu)
