Alpha Data, an IT services firm based in the UAE, is pricing its IPO in Abu Dhabi at 1.50 dirham (US$0.41) per share, the top of its announced range, 1.45 dirhams (US$0.39).

This values the company at 1.5 billion dirham (US$408.4 million).

The IPO, the first listing of 2025 on the Abu Dhabi Securities Exchange, offers 400 million shares, representing a 40% stake.

Strong demand has been seen since subscriptions opened, with trading set to begin in March.

Founded in 1981, Alpha Data operates in the UAE, Qatar, and Saudi Arabia, specializing in AI, big data, security, and cloud services. It reported a 23% annual revenue growth rate from 2021 to 2024 and employs 1,500 people.

The company plans to distribute 130 million dirhams (US$35.39 million) in dividends for the financial year ending Dec. 31, in two equal tranches.