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Emirates Global said to pick BofA, Goldman for IPO

Ruth David & Dinesh Nair/London 28 Mar 17 | 04:53 AM

Emirates Global Aluminium, the largest aluminum producer in the West Asia, has selected advisers for an initial public offering that could raise about $3 billion, according to people familiar with the matter.

The United Arab Emirates-based company is working with Bank of America Corp., Goldman Sachs Group Inc. and JPMorgan Chase & Co on the share sale, said the people, who asked not to be named as the details aren’t public. Aside from a local listing, EGA could also seek a presence on an overseas stock exchange like London, though no final decisions have been made, the people said.

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EGA, which is jointly owned by Abu Dhabi’s sovereign fund Mubadala Investment Co. and the Investment Corp. of Dubai, is planning to sell shares at a time when commodity prices have rebounded, attracting investors to the sector once again. If the aluminum producer raises $3 billion, it would be the largest-ever IPO from the UAE, according to data compiled by Bloomberg, surpassing the 2014 stock sale by Emaar Malls PJSC.


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