EFG Hermes, a company under EFG Holding and recognized as the leading investment bank in the Middle East and North Africa (MENA), announced that its investment banking division has successfully completed its advisory role for the $163 million initial public offering (IPO) of Alpha Data. This company is one of the prominent digital transformation providers and system integrators in the UAE and listed its shares on the Abu Dhabi Securities Exchange (ADX).

In this IPO, Alpha Data offered 40 percent of its total issued share capital by selling 400 million existing ordinary shares, priced at Dh1.5 each. This pricing implies a total market capitalization of Dh1,500 Bn, equivalent to $408 million. The offering generated notable interest, attracting local, regional, and international investors, resulting in a double-digit oversubscription. Trading for Alpha Data commenced today under the ticker symbol ALPHADATA.

Karim Meleka, Co-Head of Investment Banking at EFG Hermes, remarked that the successful completion of the IPO highlights a growing appetite among investors for tech-driven businesses in the region. He noted that the strong demand from a diverse investor base reflects confidence in Alpha Data’s robust business model and long-term growth potential. He emphasized that this achievement reaffirms EFG Hermes’ leading position in facilitating significant transactions that connect high-potential companies with strategic capital, thereby enhancing the vibrancy of regional capital markets.

Founded in 1981, Alpha Data is recognized as a leading provider of digital transformation and system integration services in the UAE. The company’s operations are categorized into three main segments: the “Solutions” segment, which focuses on delivering customized IT solutions; the “Services” segment, which provides a comprehensive range of ICT services; and the “Talent” segment, which specializes in supplying skilled IT personnel to meet the increasing demand for professionals in the sector.

This IPO marks a significant milestone for EFG Hermes in the GCC equity capital markets (ECM), reinforcing its top-ranking position in ECM for 2024 as recognized by the London Stock Exchange Group (LSEG). EFG Hermes has built on its recent successes, including the notable Aramco Follow-on Offering and two Accelerated Bookbuild Offerings for ADNOC Drilling, demonstrating its capability in delivering efficient execution for large transactions. The latest achievement follows the successful completion of a $2.84 billion marketed offering of ADNOC Gas shares for ADNOC.

EFG Hermes played a critical role in this transaction, serving as a Joint Global Coordinator and Joint Bookrunner.