Latham Advises on Alpha Data’s Initial Public Offering

Latham & Watkins has advised the underwriters on Alpha Data’s initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). The offer comprises 400,000,000 ordinary shares sold by pre-existing shareholders Bin Hamoodah Company LLC and Ibbini Investment Company LLC, equivalent to 40% of its total issued share capital.

The final offer price for the shares was set at the top of the price range at AED 1.50 per share, implying a market capitalization of approximately AED 1.5 billion (equivalent to US$408 million) at the time of listing, and generating gross proceeds of AED 600 million (equivalent to US$163 million).

EFG-Hermes and Emirates NBD Capital PSC served as joint global coordinators and bookrunners, while Abu Dhabi Commercial Bank PJSC served as a joint bookrunner.

The Latham team was led by Dubai partners Nomaan Raja and Basil Al-Jafari, with associates David Hayward and Lois Pickering.