UAE - Mubasher: Emirates Global Aluminium (EGA) is considering a potential initial public offering (IPO) in 2022, which could be marked as one of the biggest share sales in the UAE in recent years, three sources told Reuters.

The sources said that EGA is eyeing to sell between 10% and 20% of its shares to investors at an initial value estimated by banks from $16 billion to $19 billion.

The sources further remarked that EGA is studying proposals from banks that applied for advisory roles, and international investment banks, alongside First Abu Dhabi Bank (FAB) and Emirates NBD, are forecast to be mandated for the transaction.

The sources added that Rothschild & Co is acting as a financial advisor on the deal.

Establish in 2013, the company is jointly held by Mubadala and Investment Corp of Dubai through a merger of Dubai Aluminium and Abu Dhabi's Emirates Aluminium.

The company owns smelters in Abu Dhabi and Dubai and a bauxite mine in Guinea.