29 MARCH 2017AlCircle.com
UPDATE: EGA mandates three U.S. banks for its IPO
Edited by : Dipanwita Gupta
1 min read
<p>Emirates Global Aluminium (EGA), the largest aluminium producer in the Gulf Cooperation Council, has mandated Bank of America Merrill Lynch, Goldman Sachs and JP Morgan to advise on its initial public offering, reported sources aware with the development.</p>
<p>One of the sources said the company’s EBITDA stands at $1.5 billion, and its closest publicly traded comparison Norsk Hydro is trading at a forward looking enterprise value-EBITDA multiple of 6.1.</p>
<p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/Emirates-Global-Aluminium.jpg" alt="News" width="474" height="318" /></p>
<p>Last week EGA had invited banks to pitch for the IPO but that the offering size was yet to be determined, reported Reuters.</p>
<p>EGA was formed from a merger between Dubai Aluminium (Dubal) and Abu Dhabi's Emirates Aluminium (Emal). An enterprise value of $15 billion was put at the time of its merger. It is owned by Abu Dhabi state fund Mubadala Investment Co and Investment Corporation of Dubai (ICD).</p>
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<p>In 2016, the company reported a fall in revenue though its net profit rose by 10 per cent to stand at 2.1 billion dirhams ($570 million). </p>
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