UAE-based technology firm Alpha Data has successfully raised 600 million dirhams ($163 million) from its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). The offering price was set at Dh1.50 per share—the upper limit of the proposed range—resulting in a market capitalization of Dh408 million at the time of listing.
The IPO saw the sale of 400 million shares, representing 40% of Alpha Data’s total issued share capital. The shares, offered by Bin Hamoodah Company and Ibbini Investment, are expected to commence trading under the ticker symbol “ALPHADATA” on or around March 11.
With a total issued share capital of Dh30 million, Alpha Data anticipates distributing Dh130 million in dividends in 2025. Founder and CEO Fayez Ibbini highlighted the overwhelming investor interest in the IPO as a reflection of trust in the company’s long-term vision, business strategy, and its legacy as a homegrown UAE enterprise.
Founded in 1981, Alpha Data has positioned itself at the forefront of the UAE’s digital transformation, aligning with the government’s aggressive push towards an innovation-driven economy. The country’s focus on emerging technologies has fueled significant investor enthusiasm, driving a surge in IPOs across multiple sectors.
Alpha Data’s successful listing follows a wave of high-profile IPOs in the UAE. In November, Talabat Holding, the regional arm of Germany’s Delivery Hero, raised Dh7.5 billion in the Gulf’s largest IPO of 2024. UAE retail giant Lulu Group followed with a Dh6.32 billion offering. Other notable listings included NMDC Energy, a subsidiary of National Marine Dredging Company, which secured $877 million, and Alef Education, which raised $515 million.
Industry experts anticipate continued momentum in the UAE’s IPO landscape, driven by the rapid expansion of the non-oil economy and government initiatives to unlock value in state-owned enterprises. Last month, Dubai Investments, which is partially owned by the sovereign wealth fund Investment Corporation of Dubai, announced plans to list four of its subsidiaries, further underscoring the region’s bullish investment climate.