EGA holds investor meetings to assess local listing

• EGA has begun talks over IPO
• Company is likely to list on ADX
• Float could value EGA at $15bn

Emirates Global Aluminium (EGA) is reportedly looking to launch an initial public offering on a local stock exchange this year.

The company, which is co-owned by Abu Dhabi’s Mubadala Investment Company and the Investment Corporation of Dubai, has begun initial meetings with investors regarding a float, Bloomberg reported, citing unidentified sources.

EGA is more likely to list on the Abu Dhabi stock exchange, the report said, adding that talks on the IPO have been ongoing for a decade.

Discussions remain at an early stage, with the listing venue not yet finalised, Bloomberg said.

In September, Bloomberg reported that EGA was in discussions with Citigroup, Goldman Sachs, Emirates NBD Capital and First Abu Dhabi Bank about a listing.

An IPO could value the company at between $10 billion and $15 billion, the report said. 

Last month EGA and US-based Century Aluminum agreed to build a production plant in the United States. Construction is due to start by the end of 2026, with production likely to begin by the end of the decade.

Further reading:

• EGA to start building US aluminium plant this year
• EGA begins expansion of US aluminium recycling plant
• Taqa and Dubal buy EGA energy assets for nearly $2bn

More UAE companies are expected to list this year after a lacklustre 2025, but analysts have said investors will take a harder look at earnings forecasts after losses on recent initial public offerings.

At least five companies are considering whether to go public next year, said Rawad Kassouf, head of equity capital market execution and syndication at Arqaam Capital.

“Companies exploring the idea of listing operate in sectors that remain very much in demand – whether infrastructure-light services, digital/tech-enabled platforms, recurring-revenue businesses or income-generating assets,” he said.