Emirates Global Aluminium IPO may take place in 2023: Mubadala

According to Mubadala Investment Company PJSC, the biggest shareholders of Emirates Global Aluminium (EGA), stated that the Middle East’s largest aluminium producer, may sell shares to the public as soon as the third quarter of 2023.

On the sidelines of the World Economic Forum’s annual meeting in Davos, Khaldoon Khalifa Al Mubarak, the CEO of Mubadala Investment, told Bloomberg, “It will happen maybe this year. We’ll see how markets react. If it’s appropriate and makes sense for the shareholders and us, we might go in the third or fourth quarter.”

For some years, EGA, owned equally by Mubadala and the Investment Corporation of Dubai, has been considering an initial public offering.

However, according to Bloomberg, it was planning to hire three US banks as lead underwriters for the deal in 2021, which could have valued the company at more than $15 billion.

A listing of EGA in 2023 would follow thriving initial public offerings (IPOs) in the area that began in 2022 and raised almost $23 billion, with more than half of the funds coming from Europe, the Middle East, and Africa.