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Saturday, June 3, 2023

Al Ansari increases stake allocation to retail investors in IPO

Al Ansari Financial Services announces that, following approval from the Securities and Exchange Authority (SCA), Al Ansari Holding (the selling shareholder) has exercised its right to increase the number of shares in the Group’s initial public offering in the UAE retail offer by 37,500,000 ordinary shares 56,250,000 common shares in the shares.

The firm noted that the rise was in response to very strong demand from retail investors and oversubscription of retail offers in the UAE.

A total of 750,000,000 shares were issued, representing 10% of the issued share capital of the Group. Subsequently, as a result of the Selling Shareholder’s decision to increase the allocation of the retail investor tranche, the qualified investor tranche will be allotted 693,750,000 common shares instead of 712,500,000 common shares.

Based on the previously announced price range of AED1.00 to AED1.03 per share, the retail segment will now be worth between AED56.3 million and AED57.9 million, or 7.5 percent of the IPO size.

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. Following the offering, selling shareholders will continue to hold 90% of the shares.

The subscription period for new shares remains unchanged. The UAE Retail Offer closed on March 23 and the Accredited Investor Offer closed yesterday (March 24).

The final offer price will be determined through a book-building process following the close of the Accredited Investor Offer and is expected to be announced on or about March 27.

Completion of the IPO and admission is currently expected to take place on April 6.trade arab news agency

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