[ad_1]
EFG Hermes, a leading investment banking franchise in frontier and emerging markets (FEM), announces the successful completion of the US$210.5 million (AED773 million) initial public offering (IPO) of Al Ansari Financial Services PJSC (AAFS) by its investment banking arm Consulting for – one of the UAE’s leading integrated financial services groups specializing in remittances and exchanges – on DFM.
EFG Hermes served as co-global coordinator for the deal, marking the firm’s fourth co-global coordinator in the past six months, which also includes Taaleem on DFM’s $204 million IPO and The Pearl REIF in Muscat A $60.6 million IPO on the stock exchange (MSX) in November 2022, in addition to Abraj Energy’s $244 million IPO on MSX in March 2023.
Following the listing, AAFS issued a total of 10% of the share capital at a face value of AED 1.03 per share, equivalent to 750 million shares, implying a market capitalization of AED 7.73 billion (US$ 2.1 billion). The offering was 22 times oversubscribed and priced at the higher end of the published price range.
The IPOs included the Accredited Investor Offering, which generated strong demand from international and regional investors worth AED 10.2 billion, and the UAE Retail Offering, which generated demand worth AED 2.5 billion.
AAFS is one of the UAE’s leading integrated financial services groups with over 50 years of experience in the remittance and exchange business. Today, the family-owned business has built a professional financial ecosystem offering cross-border payments, foreign currency exchange solutions and access to the UAE’s Wage Protection System (WPS), among other services including bill collection and prepaid cards, as well as in Payment technology solutions for consumers and businesses in the country’s fast-growing payments and foreign currency exchange and remittance markets.
The company begins trading under the ticker symbol ALANSARI.
Mohamed Fahmi, Co-Head of Investment Banking at EFG Hermes, said: “We are delighted to be advising on yet another significant transaction in the UAE – the first transaction in recent memory for a family-owned Emirati business, a direct fall behind The huge achievement is in line with the UAE’s efforts to grow traditional businesses, drive overall economic activity and attract investment activity against a challenging global backdrop.The GCC bucked the trend, seeing investors increasingly drawn to its strong fundamentals and Attracted by the progress made in deepening capital markets – we have leveraged this momentum to lead some of the largest public companies in the region, most recently ADNOC Gas on ADX and Abraj Energy on MSX.In less than six months In our fourth term as Joint Global Coordinator, we plan to continue expanding our foothold in the GCC, bringing to the market high-quality prospects that can generate strong returns, while enabling our clients to raise the necessary capital to implement them growth plan.”
The deal marks the company’s third IPO this year and is the latest of several landmark deals advised by EFG Hermes, which has completed 12 ECM deals worth $12.8 billion through 2022. Most recently, the unit advised ADNOC Gas plc on its $2.5 billion IPO on the ADX and Oman’s Abraj Energy on its $244 million IPO on the MSX. The unit also advised on the first dual listing between ADX and the Saudi exchange in a transaction valued at $1.8 billion, the acquisition of Americana Restaurants International. In addition, it advised on Taaleem’s $204 million IPO and Salik’s $1 billion listing on DFM. In Abu Dhabi, the unit completed its advisory on the $2 billion listing of Borouge on the ADX. In Saudi Arabia, EFG Hermes Investment Banking advised Riyadh Cables on the US$400 million initial public offering on the Saudi Stock Exchange. In Kuwait, the group advised Ali Alghanim and Sons Automotive Company on the US$323 million private placement ahead of its initial public offering on the Kuwait Exchange.
[ad_2]
Source link