Alpha Data, a prominent UAE-based IT services company, is seeking to raise approximately $200 million through an initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) by the end of the year, according to a Bloomberg report. The company has engaged EFG Hermes and Emirates NBD Capital to assist with the potential share sale. As of the latest update, the IPO’s size and timing remain in preliminary stages. Alpha Data specializes in a range of ICT solutions such as artificial intelligence, mobility, security, Internet of Things, big data, and cloud computing. The news comes as UAE stock markets have seen a significant influx of new market capitalisation driven largely by recent IPOs, including Alef Education Holding, which debuted with a market cap of AED 9.45 billion, the largest on ADX this year.

Information Technology, Financial Services, Stock Markets,United Arab Emirates, Middle East