Alpha Data/X
A 44-year-old UAE-based technology company, Alpha Data, is to list 40 percent of its capital, or 400 million shares, on the Abu Dhabi Securities Exchange (ADX), the company has said.
Alpha Data’s initial public offering (IPO) subscription will run from February 20 to 25 for UAE retail and professional investors.
The offer price will be finalised through a book-building process, with a listing expected in March, the company said.
All shares offered are currently held by Bin Hamoodah Company and Ibbini Investment Company, private family companies.
After the IPO, Alpha Data intends to distribute a dividend of AED130 million ($35 million) for 2025, payable in two equal instalments in October 2025 and April 2026.
Thereafter, it expects to distribute dividends semi-annually (April and October of each year), with a minimum payout of 80 percent of the net profit generated.
EFG-Hermes and Emirates NBD Capital will work as joint global coordinators and bookrunners. Abu Dhabi Commercial Bank has been appointed as joint bookrunner.
Alpha Data was established in 1981 and offers software, networking and storage products using third party hardware.
Revenues rose 16 percent year on year to AED2.3 billion, but net profit fell 5 percent annually to AED127 million in 2024.