UAE money exchange Al Ansari successfully completes IPO

UAE money exchange Al Ansari successfully completes IPO

Al Ansari Financial Services, the UAE foreign exchange and money transfer company, has completed the book-building and subscription process for its initial public offering (IPO).

It has set the final offer price for its IPO at $0.28 (AED 1.03) per share, at the top of the previously announced price range.

The global offering attracted considerable demand from both the qualified investor offering and the UAE retail offer with total gross demand reaching more than $3.45 billion (AED 12.7 billion).

The UAE retail offer, which was increased from 5 percent to 7.5 percent of the total offering size, received “very high demand” and was oversubscribed by roughly 44 times.

Mohamed Ali Al Ansari

Chairman

Al Ansari Financial Services “The remarkable investor interest we drew from across the UAE, regional and international investors demonstrate the strong brand reputation that Al Ansari Financial Services has built over its long and rich history. It is also a testament to the attractiveness of the UAE and wider GCC economies and the investment community’s confidence in Dubai’s public equity markets and the DFM. I would like to personally welcome all our new shareholders, including our cornerstone investor, National Bonds, and invite them to become strategic partners as we realize our growth ambitions