Arab Finance: EFG Hermes, the investment banking arm of EFG Holding, has successfully completed its advisory role on the $163 million initial public offering (IPO) of Alpha Data on the Abu Dhabi Securities Exchange (ADX), as per an emailed press release.
Alpha Data, a digital transformation provider in the UAE, offered 40% of its total issued share capital through the sale of 400 million existing ordinary shares at AED 1.5 per share, implying a market capitalization of AED 1.5 billion.
The IPO saw strong demand from local, regional, and international investors, with double-digit oversubscription levels. Trading commenced today under the ticker ALPHADATA.
EFG Hermes acted as a joint global coordinator and joint bookrunner on the Alpha Data IPO.