Alpha Data raises $163 million in ADX IPO, shares to begin trading soon

UAE technology company Alpha Data has raised $163 million from its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX), pricing shares at $0.41 each—the top of its range. This values the company at $111 million at listing.

Selling shareholders Bin Hamoodah Company and Ibbini Investment offered 400 million shares, representing 40% of the issued share capital. Alpha Data shares are expected to begin trading on ADX around March 11 under the ticker “ALPHADATA.” The company plans to distribute a $35.4 million dividend in 2025.

Fayez Ibbini, founder and CEO, attributed the IPO's strong demand to investor confidence in Alpha Data’s business model, strategic vision, and legacy as a homegrown UAE company.

Established in 1981, Alpha Data joins a wave of companies going public amid the UAE’s booming IPO market, fueled by strong investor appetite and the government’s push for digital transformation. The UAE’s economic momentum has also driven listings on both the Abu Dhabi bourse and the Dubai Financial Market.

Recent IPOs include Talabat Holding, which raised $2.04 billion in November, Lulu Group securing $1.72 billion, NMDC Energy raising $877 million, and Alef Education collecting $515 million. Analysts expect the UAE’s IPO pipeline to remain strong, driven by non-oil sector growth and government initiatives to unlock value in state entities.

Dubai Investments recently announced plans to take four of its subsidiaries public, signaling continued momentum in the market.