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Al Ansari Financial Services, the UAE’s leading integrated financial services group, has announced the price range per share and start of the subscription period for its initial public offering (IPO) on the Dubai Financial Market (DFM).
The price range for the global offering is set at between AED 1.00 and AED 1.03 per share, implying a market capitalization of AED 7.5 billion (US$ 2.04 billion) to AED 7.73 billion (US$ 2.1 billion) at the time of listing. )between.
A total of 750 million shares, equivalent to 10 percent of the group’s issued share capital, will be offered for a total issue size of between AED750 million (US$204 million) and AED773 million (US$210 million).
All shares are existing shares, with Al Ansari Holding selling its 10% stake in the group. The Group will not receive any proceeds from the Global Offering. After the global offering, the selling shareholders will continue to hold 90% of the shares without increasing the scale of the global offering.
Al Ansari Holding reserves the right to modify the size of the Global Offering at its sole discretion at any time before the end of the Subscription Period, subject to the applicable laws of the UAE and the approval of the SCA.
Based on the board-approved dividend policy, the Group expects to pay dividends of at least AED600 million in 2023, with the first half paid in October 2023 and the second half in April 2024. The offer price range therefore means The minimum dividend yield is c. 7.77% to c. 8.00% for FY2023.
Subscription process
As previously announced, the Global Sale is open to the following subscribers:
• Individuals and other investors connected with the UAE Retail Offer (“UAE Prospectus”) as part of the UAE Retail Offer; and
• As part of the Accredited Investor Offering and Exempt Offering (the “Accredited Investor Offering”) to professional and other investors in a number of countries, including the UAE.
In addition, the Emirates Investment Authority (“EIA”) is entitled to subscribe for up to 5% of the Global Offering, and the percentage of shares which may be purchased by EIA shall be allocated in full to subscribers of the Qualified Investor Offer before commencement of allocation to any other person.
The IPO subscription period starts today, the UAE retail offering until March 23, 2023 and the accredited investor offering until March 24, 2023.
The final offer price will be determined through an inquiry process and is expected to be announced on March 27, 2023.
The offering and admission is currently expected to be completed by 6 April 2023, subject to market conditions and relevant regulatory approvals in the UAE, including approval for listing and trading on the DFM.
Joint action between Abu Dhabi Commercial Bank PJSC (ADCB), EFG-Hermes UAE Limited (EFG Ltd.) and EFG Hermes UAE LLC (EFG LLC and EFG Ltd., EFG-Hermes) and Emirates NBD Capital PSC (ENBD Capital) appointed as the Joint Global Coordinator.
Emirates NBD Bank PJSC (Emirates NBD) has been appointed as the lead receiving bank. ADCB, Abu Dhabi Islamic Bank PJSC, Al Maryah Community Bank LLC, Dubai Commercial Bank PSC, Dubai Islamic Bank PJSC and Emirates Islamic Bank PJSC have been named as receiving banks. In addition to the beneficiary banks announced on March 9, 2023, Ras Al Khaimah National Bank PSC (“RAKBANK”) has also been added as beneficiary banks.
cornerstone investor
On March 16, 2023, the company signed a cornerstone investment agreement with National Bonds Corporation Sole Proprietorship (National Bonds), which has committed 200 million dirhams for IPO, the final issue price is to be determined, and the issue price of its shares is 180-day Lock-up arrangement, after listing.
National Bonds is a leading investment firm in the UAE, serving a large and diverse client base of retail clients, high net worth individuals and corporates through its innovative Shariah financial and investment products. National Bonds has a 16-year partnership and is a long-term customer and strategic partner of the group.
National Bonds is a UAE-based company established in 2006 and wholly owned by Investment Corporation of Dubai, the investment arm of the Dubai Government.
The internal Shariah monitoring committees of Emirates NBD and ADCB have issued statements confirming their opinion that the Global Offering complies with Shariah principles. Investors should conduct their own due diligence to ensure that the Global Offering is Sharia compliant for their own purposes. – trade arab news agency
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