Al Ansari completes IPO, raises Dhs773m

DUBAI: Al Ansari Financial Services on Monday announced it has set the final offer price for its IPO at Dhs1.03 per share, at the top of the previously announced price range.

The announcement follows the completion of the book building and subscription process for its Initial Public Offering (IPO) on 24th March 2023. Al Ansari raised, through the initial public offering, Dhs773 million.

The global offering a tract ed considerable demand from both the qualified investor offering and th eu ae Retail Offer with total gross demand reaching more than Dhs12.7 billion (including cornerstone investor National Bonds). Excluding the cornerstone tranche of Dhs200 million and based on the final price the Global Offering was oversubscribed c. 22 times.

The Qualified Investor Offering drew more than Dhs10.2 billion in orders, including the Dhs200 million commitment from National Bonds Corporation Sole Proprietorship P.S.C. Excluding the cornerstone tranche, qualified investor books were more than 19 times covered.

The qualified investor offering saw strong demand from both international and regional investors, with a good representation from th eu ae, saudi arabia and other GCC countries, highlighting the strong brand recognition of the Group across the GCC region.

The UAE Retail Offer drew significant demand with more than Dhs2.5 billion in orders, and the total number of applications through the Receiving Banks and DFM’S online plaform reaching almost 15 thousand.

In response to the demand from retail investors, as previously announced, the Selling Shareholder, Al Ansari H olding 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, said, “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.