Emirates Global Aluminium (EGA), the UAE’s largest non-oil industrial company, is reportedly in talks with banks regarding a potential initial public offering (IPO).
The company, jointly owned by Abu Dhabi’s Mubadala and Dubai’s Investment Corporation of Dubai, is said to be holding discussions with Citigroup, Goldman Sachs, Emirates NBD Capital and First Abu Dhabi Bank, according to Bloomberg.
Rothschild & Co. has been appointed as financial adviser to the aluminium producer, the report noted.
Sources familiar with the matter indicated that the IPO could value the company at between $10 billion and $15 billion.
EGA’s Oklahoma smelter is expected to outlast current US trade policies, while the company is also seeking redress following the revocation of a bauxite concession in Guinea. Recently, EGA acquired a majority stake in a US aluminium recycler as part of its international expansion strategy.
Details of which local exchange might host the listing have not yet been disclosed.
In the first half of 2024, EGA reported a 6 percent decline in net profit to AED 1.84 billion ($500 million), compared with AED 1.96 billion in the same period a year earlier, mainly due to weaker product prices.
In May, the company completed the acquisition of Leichtmetall, a European specialty foundry, marking its first acquisition since its establishment in 2014.
