Emirates Global Aluminium PJSC has picked banks to arrange a potential initial public offering, according to people familiar with the matter, in what could be one of the largest listings in the Middle East.
The region’s biggest aluminum producer is in talks with Citigroup Inc., Goldman Sachs Group Inc., Emirates NBD Capital and First Abu Dhabi Bank PJSC to lead the deal, the people said, asking not to be named as the information is private. Rothschild & Co. is advising the firm, Bloomberg News reported last month.
The IPO could value the firm, co-owned by Abu Dhabi’s Mubadala Investment Co. and the Investment Corporation of Dubai, at about $10 billion to $15 billion, some of the people said.
EGA operates plants in both emirates. The choice of the listing venue will be a key question as Abu Dhabi and Dubai compete to attract offerings while seeking to deepen local markets.
Representatives for EGA, Citi, Goldman, Emirates NBD, FAB and Mubadala declined to comment. The Dubai Media Office did not respond to a request for comment on ICD’s plans.
EGA has weighed an IPO for nearly a decade, and there’s no certainty the latest round of deliberations will lead to a deal.
Any offering would come as the company navigates challenges including US tariffs on aluminum. EGA completed its first US acquisition last year to secure tariff-free supply and is planning a $4 billion plant in Oklahoma. In Africa, operations have faced setbacks after Guinea transferred a bauxite mining lease from an EGA unit to a state-owned firm.
The Middle East has become a hotspot for listings, with major deals including Saudi Aramco’s $29.4 billion IPO in 2019 and Dubai Electricity and Water Authority PJSC’s $6.1 billion offering in 2022. Last year, Talabat Holding Plc and OQ Exploration and Production SAOG raised about $2 billion each from share sales.
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