Emirates Global Aluminium (EGA) reportedly started investor meetings ahead of a potential IPO on the ADX that could value the industrial giant at USD 10-15 bn, Bloomberg reports, citing people it says are in the know. The listing, which could land as early as this year, marks the culmination of a decade-long will-they-won’t-they saga for the Mubadala and ICD-owned firm.

A much needed raise? The company swung to an AED 890 mn net loss in 1H 2025 following the Guinean government’s expropriation of its bauxite subsidiary — a move that triggered a heavy AED 2.5 bn impairment.

Our take: If the USD 10-15 bn valuation holds, it signals that the market is willing to look past immediate bottom-line volatility in favor of EGA’s long-term strategic integration into the US-UAE industrial axis.

To bridge the gap, EGA is likely to pivot the narrative toward its Oklahoma story. By partnering with Century Aluminum to build the first new US smelter in 46 years, EGA is positioning itself as an essential partner in Western supply chain security. This USD 5-6 bn joint venture allows the company to move beyond its role as a regional exporter and become a domestic US producer, effectively hedging against the tariffs that usually squeeze non-US aluminum players. The success of the offering now rests on whether investors view the Guinea loss as a one-off accounting event or a permanent shift in the company’s risk profile.

ADVISORS- Citigroup, Goldman Sachs, Emirates NBD Capital, and First Abu Dhabi Bank are expected to run the process, with Rothschild & Co advising.

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