Dubai’s Al Ansari Financial Services raises IPO size for retail investors to 7.5%

Dubai’s Al Ansari Financial Services raises IPO size for retail investors to 7.5%

Dubai: Al Ansari Financial Services has increased the size of the retail component of its IPO to 7.5 per cent from 5 per cent, given the scale of demand that the offer generated. The retail subscription for the IPO closed yesterday (March 23). The retail subscription closed yesterday (March 23), while that for qualified investors ends later today. The overall float size remains at 10 per cent, which means that the stake sale for qualified investors was reduced. There had been talk among analysts about the possible rejigging of the stake mix for retail and qualified investors. They said that retail subscriber interest was heavy from the moment the IPO opened, but there were heavy distractions from the global markets about the Credit Suisse turmoil playing right through. "UAE investors, retail ones especially, will likely park short-term funds closer to home, especially with companies promising steady dividends," said an analyst. "UBS buy and central bank moves have settled nerves over Credit Suisse, but the global markets are still on edge. This will reshape what investors will put in and where." With its IPO, Al Ansari resized the qualified investor offer to 693.75 million shares from 712.5 million, equivalent to 92.5