UAE: Al Ansari Exchange announces IPO, to sell 10% stake

UAE: Al Ansari Exchange announces IPO, to sell 10% stake

Admission of shares to trading on the Dubai Financial Market is anticipated to occur on or around April 6

Published: Thu 9 Mar 2023, 9:24 AM Last updated: Thu 9 Mar 2023, 9:51 AM

Al Ansari Financial Services PJSC has announced its intention to proceed with an initial public offering (IPO), and to list its ordinary shares for trading on the Dubai Financial Market (DFM).

About 750 million ordinary shares will be made available, representing 10 per cent of the integrated financial services group’s issued share capital.

The ‘Qualified Investor Offer’ subscription period is expected to run from March 16 to 24, while the ‘UAE Retail Offer’ subscription period is from March 16 to 23. Admission of shares to trading on the DFM is anticipated to occur on or around April 6.

The Middle East bucked global trends last year to raise some $21.9 billion through IPOs, according to Dealogic. That was more than half the total for the wider Europe, Middle East and Africa region.

Last week, state oil giant Abu Dhabi National Oil Co raised about $2.5 billion from an IPO of its gas business.

Al Ansari said Abu Dhabi Commercial Bank (ADCB.AD), EFG Hermes UAE and Emirates NBD Capital were mandated as joint global