Alpha Data, a United Arab Emirates (UAE)-based IT services firm, is set to garner approximately $200 million through an initial public offering (IPO) on the Abu Dhabi stock exchange, as per Bloomberg. The IPO, anticipated to take place by year-end, is being orchestrated with the aid of EFG Hermes and Emirates NBD Capital. While specifics about the size and timing of the IPO remain in the preliminary phase, this plan reflects a growing trend of market activity on UAE exchanges. Alpha Data specializes in delivering ICT solutions like artificial intelligence, mobility, security, IoT, big data, and cloud computing. This announcement follows a significant month for UAE stock markets, where three new IPOs contributed to a market capitalization boost of 21.3 billion AED ($5.8 billion), with Alef Education Holding topping the list.

Information Technology, Financial Services, Capital Markets,United Arab Emirates