EGA close to naming US banks as lead underwriters for planned IPO — sources
DUBAI. Emirates Global Aluminium (EGA), the Middle East’s biggest producer of the metal, is poised to select three US banks as lead underwriters for its potential initial public offering. The company, which is backed by sovereign fund Mubadala Investment Co, is preparing to bring on Citigroup Inc, Goldman Sachs Group Inc. and JPMorgan Chase & Co.
A share sale could value EGA at more than $15 billion. Emirates NBD Bank and First Abu Dhabi Bank are also expected to have roles on the offering. Deliberations are ongoing, and there’s no certainty EGA’s owners will decide to proceed with the listing, the people said.
A listing of EGA would rank among the largest-ever share sales in the UAE and would come at a time when state-owned entities are seeking to monetise their core assets.