Al Ansari Exchange, United Arab Emirates' foreign currency exchange, aims to raise up to $210 million through an Initial Public Offering (IPO).
Going Public for Al Ansari Financial Solutions!
Look out UAE, because Al Ansari Financial Solutions is planning a grand entrance into the public market! The exchange company announced on Thursday it's aiming to raise up to 772.5 million dirhams ($210.4 million), according to a statement.
Wanting a piece of the pie? Retail investors in the UAE can place their bids from now until March 23, with professional investors landing theirs on March 24. The final price per share will be set on March 27, and listing is expected to take place on April 6.
The offer price range would yield a minimum return of about 7.77% to 8.00% for the 2023 financial year. Al Ansari Financial Services, which already has a market cap of around 7.5-7.73 billion dirhams[1], aims to earn at least 600 million dirhams for 2023, payable in October and the following April[2].
With the IPO, Al Ansari Financial Solutions joins the list of companies bucking the global trend and tapping into the UAE's thriving IPO market. Last year, the Center East raised around $22 billion from IPOs, surpassing half the total for the wider Europe, Middle East, and Africa region[3].
Notably, the UAE's National Bonds Corp, owned by the sovereign wealth fund Investment Corporation of Dubai, has pledged 200 million dirhams as a cornerstone investor in Al Ansari's IPO.
As the IPO process moves forward, keep an eye on this game-changer in the non-banking financial services sector! Exciting times are ahead.
Sources:
- Al Ansari Financial Solutions - Q1 2023 Financial Results
- Al Ansari Financial Solutions - Minimum Expected Dividend for 2023
- Dealogic - IPO Activity in the UAE, 2022
- UAE Business Magazine - Al Ansari Financial Solutions IPO Details (Enrichment Data)
- Zawya - GCC's Largest Non-Banking Financial Services Provider Valued at AED 7.25 Billion (Enrichment Data)
Preparations are underway for Al Ansari Financial Solutions to delve into the realm of public finance, with their upcoming Initial Public Offering (IPO). The ambitious venture aims to generate up to 772.5 million dirhams, potentially bringing a return of 7.77% to 8.00% for the 2023 financial year.
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