The first company to hit the ADX this year, Alpha Data, priced its IPO at the top of its indicative price range at 1.50 per share, according to a statement (pdf). This falls in line with market expectations as investor appetite for tech players operating in AI continues to gain momentum. Shares are set to begin trading on the bourse on 11 March.

The final price will see the Abu Dhabi-based IT services provider raise AED 600 mn in IPO proceeds, inflating its market cap to AED 1.5 bn at listing.

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

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.

REMEMBER- ADQ-backed carrier Etihad Airways is also likely to pull the trigger on its highly anticipated USD 1 bn IPO on the ADX this week, marking the first GCC airline to hit the market in nearly two decades.

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