IT services firm Alpha Data is guiding on a narrow price range of AED 1.45-1.50 per share for its upcoming IPO on the ADX, which could generate up to AED 600 mn in proceeds, according to a news release (pdf). At the top of the range, the pricing implies a market cap of AED 1.5 bn upon listing, in what will be Abu Dhabi’s first IPO of the year.

Subscription for both institutional and retail investors opened yesterday, and is set to run until Tuesday, 25 February. The final price of the offering will be announced on Wednesday, 26 February, while trading is expected to begin around Tuesday, 11 March.

REMEMBER- Alpha Data’s only two shareholders — Bin Hamoodah Company and Ibbini Investment — are selling down their position to a combined 60% stake in the company and pocketing net proceeds from the 40% stake sale.

ADVISORS- EFG Hermes, Emirates NBD and Abu Dhabi Commercial Bank are acting as joint lead managers for the transaction, with Ashurst and Latham & Watkins providing legal counsel. Deloitte & Touche are serving as auditors.

Tags: