Emirates Global said to pick BofA, Goldman for IPO

EGA is planning to sell shares at a time when commodity prices have rebounded

Emirates Global Aluminium, the largest aluminum producer in the West Asia, has selected advisers for an initial public offering that could raise about $3 billion, according to people familiar with the matter.

The United Arab Emirates-based company is working with Bank of America Corp., Goldman Sachs Group Inc. and JPMorgan Chase & Co on the share sale, said the people, who asked not to be named as the details aren’t public. Aside from a local listing, EGA could also seek a presence on an overseas stock exchange like London, though no final decisions have been made, the people said.

EGA, which is jointly owned by Abu Dhabi’s sovereign fund Mubadala Investment Co. and the Investment Corp. of Dubai, is planning to sell shares at a time when commodity prices have rebounded, attracting investors to the sector once again. If the aluminum producer raises $3 billion, it would be the largest-ever IPO from the UAE, according to data compiled by Bloomberg, surpassing the 2014 stock sale by Emaar Malls PJSC.