Mubadala Investment eyeing top three US banks to arrange IPO of EGA

The Emirati state-owned holding company, Mubadala Investment that can be characterized as a sovereign wealth fund is expected to select three top US banks as lead underwriters for a prospective IPO of Emirates Global Aluminium (EGA), as reported by the industry professionals.

Mubadala Investment, the sovereign wealth fund, an organization that is strongly connected to Mohamed bin Zayed, the Crown Prince of Abu Dhabi is composing to bring on board Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co. to arrange the planned IPO, as per our information collected from the experts.

They further stated the share sale could value Middle East’s largest aluminium producer, EGA at more than $15 billion.

Emirates NBD Bank PJSC and First Abu Dhabi Bank PJSC are also anticipated to get responsibility for the offering, while Mubadala may add more banks to the EGA listing at a further stage, according to our expert information.

Considerations are in process, and there’s no certainty Mubadala will decide to proceed with the listing, the experts said. However, Mubadala Investment, EGA and the banks are yet to comment.

In 2018, a plan was drawn to list EGA but the then-US President Donald Trump’s decision to impose tariffs on the importation of aluminium from the UAE held back the listing. At that time Bank of America Corp., Goldman Sachs and JPMorgan worked on the plans for the IPO.