UAE’s Emirates Global Aluminium said to plan IPO

Emirates Global Aluminum (EGA), one of the world's top five producers, has requested banks for proposals on its planned initial public offering (IPO), Reuters reported, citing sources familiar with the matter. 

Lenders that have pitched for the role so far include Dubai’s Emirates NBD, National Bank of Abu Dhabi and an unnamed US bank.

The company might list later this year on either the Dubai Financial Market (DFM) or the Abu Dhabi Securities Exchange (ADX), and is working with banks to determine its valuation and the size of the offering.

EGA, which supplies aluminum to more than 60 countries, was established in 2013 through the merger of state-owned Dubai Aluminium (Dubal) and Abu Dhabi's Emirates Aluminium (Emal). It is owned by Abu Dhabi state fund Mubadala Investment Co and Investment Corporation of Dubai (ICD).

Last month, the firm reported a 10 percent increase in 2016 net profit to AED 2.1 billion.