UAE: Al Ansari announces IPO price range starting at Dh1; subscription begins today

UAE: Al Ansari announces IPO price range starting at Dh1; subscription begins today

The group is expected to distribute a minimum dividend of Dh600 million for 2023, implying a yield of 7.77 to 8 per cent

Published: Thu 16 Mar 2023, 8:29 AM Last updated: Thu 16 Mar 2023, 8:52 AM

Al Ansari Financial Services on Thursday announced details for its initial public offering (IPO), setting the price range between Dh1 and Dh1.03 per share.

With this range, the company could rake in between Dh7.50 billion (US$ 2.04 billion) and Dh7.73 billion (US$ 2.10 billion) upon listing.

A total of 750 million ordinary shares — equivalent to 10 per cent of Al Ansari Financial Services’ issued share capital — will be offered, with Al Ansari Holding LLC reserving the right to increase the size of the global offering.

The IPO subscription period starts today and runs until March 23 for the UAE Retail Offering and March 24 for the Qualified Investor Offering.

The final offer price will be determined through a book-building process and is expected to be announced on March 27.

Based on the dividend policy approved by the board of directors, the group is expected to distribute a minimum dividend of Dh600 million with respect to 2023 — with the first half of the payment being made in