Emirates Global Aluminium Begins Investor Meetings for Potential Abu Dhabi IPO - Bloomberg
Emirates Global Aluminium PJSC has started initial meetings with investors in the United Arab Emirates ahead of a potential share sale, according to people familiar with the matter, in what could become one of the Gulf’s biggest listings.
The region’s largest aluminum producer is leaning toward an initial public offering in Abu Dhabi rather than Dubai, some of the people said, requesting anonymity to discuss confidential information.
Co-owned by Abu Dhabi’s Mubadala Investment Co. and the Investment Corporation of Dubai, the firm has weighed going public for nearly a decade, with the choice of listing venue long a key sticking point. It operates plants in both emirates, and the two UAE cities have been competing to attract listings as they look to deepen their capital markets.
EGA, as the company is known, also plans to meet regional and international investors in the coming months, with a view to listing as early as this year, the people said.
Discussions remain at an early stage, with the listing venue yet to be finalized and no certainty a deal will materialize.
Representatives for EGA declined to comment.
The IPO could value the company at about $10 billion to $15 billion, Bloomberg News has previously reported.
Citigroup Inc., Goldman Sachs Group Inc., Emirates NBD Capital and First Abu Dhabi Bank PJSC are expected to lead the deal, Bloomberg News previously reported, while Rothschild & Co. is advising the firm.
Any offering would come as the company navigates challenges including volatile commodity markets and US tariffs on aluminum. EGA recently roped in a partner to build the first new US plant to produce the lightweight metal since 1980.
EGA’s listing could bolster the Gulf’s IPO market, which last year saw the lowest volumes since the pandemic amid soft debuts, competition from other global hubs and weaker oil prices.
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