Al Ansari Financial Services PJSC IPO share for AED 1.03 only

Dubai-based Al Ansari Financial Services PJSC has announced the final offer price for its initial public offering (IPO) at AED 1.03 per share, which is at the top of the previously announced price range. The IPO, which completed the book building and subscription process on March 24, attracted significant demand from both the Qualified Investor Offering and the UAE Retail Offer, with total gross demand reaching over AED 12.7 billion, including cornerstone investor National Bonds. Excluding the cornerstone tranche of AED 200 million and based on the final price, the Global Offering was oversubscribed approximately 22 times.

The Qualified Investor Offering drew more than AED 10.2 billion in orders, including the AED 200 million commitment from National Bonds. Excluding the cornerstone tranche, qualified investor books were more than 19 times covered. The UAE Retail Offer saw significant demand, with more than AED 2.5 billion in orders, and the total number of applications through the Receiving Banks and DFM’s online platform reaching almost 15,000. As a result of the overwhelming demand from retail investors, the Selling Shareholder, Al Ansari Holding LLC, exercised its right to increase the allotment to the UAE Retail Offer to 56.25 million shares, which represents 7.5% of the total number of shares on offer.

Mohammad Ali Al Ansari, Chairman of Al Ansari Financial Services, stated that the strong brand reputation of the company was demonstrated by the remarkable investor interest from across the UAE, regional, and international investors. He added that the IPO was 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.

Rashed Ali Al Ansari, Group Chief Executive Officer of Al Ansari Financial Services, said that through the IPO, the company was offering investors an opportunity to be part of a business with significant growth opportunities driven by the UAE and other GCC countries’ favourable macroeconomic and industry trends. He added that the Group plans to reward its shareholders through generous dividend distributions, as defined in their dividend policy.

A total of 750,000,000 (seven hundred and fifty million) shares, equivalent to 10% of the Group’s issued share capital, will be admitted for trading onto the DFM on April 6, 2023. Following the completion of the IPO, Al Ansari Holding will continue to own 90% of the Group’s issued share capital. Al Ansari Financial Services is expected to commence trading under the symbol “ALANSARI” and ISIN “AEE01198A238”. Investors that participated in the UAE Retail Offering will be notified of their allocation of shares via SMS on March 29, 2023.

.@AlAnsariEx successfully completes IPO, raising AED 773 million, with total demand for the shares on offer surpassing AED 12.7 billion. Setting the final offer price for its IPO at AED 1.03 per share, at the top of the previously announced price range.https://t.co/jnypTztrj6 pic.twitter.com/2kCOgcAm3n

— Dubai Media Office (@DXBMediaOffice) March 27, 2023