Dubai’s Al Ansari Financial Services IPO pulls Dh12.7b as subscriptions, dividend yield at 7.8%

Dubai’s Al Ansari Financial Services IPO pulls Dh12.7b as subscriptions, dividend yield at 7.8%

Dubai: The family-owned Al Ansari Financial Services' IPO saw subscriptions hit Dh12.7 billion, with the final offer price set at Dh1.03 per share, which is at the top end of the price range. The company, which will list on DFM April 6, last week confirmed it was adding to the stake that retail investors will be getting - and demand from this category proved quite significant. The final stock price implies a market cap of Dh7.73 billion (or $2.1 billion) on listing at DFM. The Dh12.7 recorded by way of over-subscription saw Gulf-based investors joining in, and there was also National Bonds signing up to be a cornerstone investor. The over-subscription tally is 22x (excluding the cornerstone tranche). The subscription numbers were achieved 'despite recent global market gyrations'. True, it's been an exceptionally trying time for stock markets, first with the Credit Suisse fallout and then the volatility set off by concerns related to Deutsche Bank. The company was floating 10 per cent via the IPO. “The remarkable investor interest we drew from across the UAE, regional and international investors demonstrates the strong brand reputation that Al Ansari Financial Services has built over its long and rich history," said Mohammad