Ashurst and Latham & Watkins advised parties on the initial public offering (IPO) of Alpha Data on the Abu Dhabi Securities Exchange (ADX), marking the first IPO to take place in the UAE in 2025.
Ashurst represented Alpha Data on the listing, acting as the company’s international and local counsel. Latham & Watkins represented the underwriters.
Alpha Data offered 400 million shares on the ADX, representing 40% of its total share capital.
The final offer price was set at the top of the range at AED 1.50 per share, implying a market capitalisation of approximately AED 1.5 billion (US$408 million) at the time of listing, and raising a total of AED 600 million (US$163 million).
The transaction involved the conversion of an onshore limited liability company (LLC) into a Public Joint Stock Company (PJSC), and is the first fully family-owned business to be listed on the ADX in recent times.
The Ashurst team was led by Dubai partner Simon Rahimzada with support from Riyadh local partner Leonid Stoliarski.
Latham & Watkins represented the joint lead managers, EFG Hermes, Emirates NBD Capital, and Abu Dhabi Commercial Bank. The team was led by Dubai partners Nomaan Raja and Basil Al-Jafari.
Established in 1981, Alpha Data has evolved from small beginnings to over 1,500 employees helping organisations on their digital transformation journey.
In January, Latham & Watkins advised on the first IPO in Saudi Arabia of 2025, representing Almoosa Health Company on its listing on the main market of the Saudi Exchange.
