[ad_1]
Al Ansari Financial Services, one of the UAE’s leading integrated financial services groups, has completed the book preparation and subscription process for its initial public offering (IPO), raising AED7.73 billion (US$2.1 billion).
The issue was oversubscribed 22 times, with demand exceeding AED12.7 billion (including cornerstone investor state bonds). Al Ansari has priced its final IPO at AED 1.03 per share, at the top of the previously announced price range.
The Global Offering attracted strong demand from the Accredited Investor Offering and the UAE Retail Offering. Excluding the AED 200 million cornerstone tranche, the Global Offering was 22 times oversubscribed based on final prices.
Accredited Investor Offering
The Qualified Investor Offering attracted orders of more than AED10.2 billion, including AED200 million committed by the National Bonds Corporation Sole Proprietorship. Excluding the cornerstone part, the books of qualified investors are covered by more than 19 times.
The accredited investor offering saw strong demand from international and regional investors, with the UAE, Saudi Arabia and other GCC countries well represented, underlining the Group’s strong brand recognition in the GCC region.
UAE retail offers attracted demand of over AED 2.5 billion, with applications from receiving banks and DFM’s online platform totaling nearly 15,000. In response to strong demand from retail investors, as previously stated, selling shareholder Al Ansari Holding exercised its right to increase the quota for the UAE retail offer to 56.25 million shares, representing 7.5% of the total share capital offered.
Brand reputation
Mohammad Ali Al Ansari, Chairman of Al Ansari Financial Services, said: “We have attracted significant investor interest from UAE, regional and international investors, a testament to 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 the wider GCC economies and the confidence of the investment community in Dubai’s public equity market and DFM.”
“I would like to personally welcome all of our new shareholders, including our cornerstone investor National Bonds, and invite them to be strategic partners as we deliver on our growth ambitions and develop and commit to actionable ESG (environmental, social and governance) strategies we create greater sustainable long-term value for all stakeholders.”
Rashed Ali Al Ansari, Group Chief Executive Officer, Al Ansari Financial Services, said: “Through this IPO, as a listed company, we are providing investors with an opportunity to participate in an Macroeconomic and industry trends. At the same time, the Group plans to reward shareholders through generous dividend distributions in line with our dividend policy.”
build reputation
“Additionally, as a public company, we intend to further build credibility and increase transparency with existing stakeholders, as well as attract new partners and enter new markets with greater confidence and ease. It will also provide us with the opportunity to achieve regional growth ambitions The acquisition currency required. Finally, we plan to attract and retain the best talent. We look forward to turning an exciting new chapter and further building on our legacy with our new shareholders.”
A total of 750 million shares, equivalent to 10% of the Group’s issued share capital, will be listed and traded on DFM on April 6, 2023. The listing would yield a dividend yield of at least 7.8 percent at the final price, and the group has a market capitalization of AED7.73 billion ($2.1 billion). — trade arab news agency
[ad_2]
Source link