UAE-based technology services firm Alpha Data plans to raise up to US$163.2 million through an initial public offering (IPO), marking Abu Dhabi’s first IPO of the year.

The company aims to list 400 million shares, priced between 1.45 dirhams (US$0.39) and 1.50 dirhams (US$0.41) each, which would value the company at up to US$408 million.

The IPO will include shares from shareholders Bin Hamoodah and Ibbini Investment.

Subscription opens on Feb. 20 and closes on Feb. 25, with stock trading expected to begin around March 11.

For 2025, Alpha Data projects a dividend payout of 130 million dirhams (US$35.4 million).

The company reported a net profit of 127 million dirhams (US$34.58 million) and revenue of 2.32 billion dirhams (US$631.65 million) for 2024.