Abu Dhabi’s First IPO of the Year Rides AI Boom to Price at Top
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Alpha Data is likely to price its initial public offering in Abu Dhabi at the top of a planned range, as investors piled into the IT services firm that’s been a beneficiary of the surge in interest in artificial intelligence.
The listing is expected to price at 1.50 dirhams ($0.41) a share, the top end of a range which began at at 1.45 dirhams, according to terms of the deal seen by Bloomberg News. That puts the firm on track to raise 600 million dirhams at a valuation of 1.5 billion dirhams.