UAE’s Al Ansari raises AED773 mn in first IPO

From the sale of 750 million shares
UAE’s Al Ansari raises AED773 mn in first IPO
DFM (Photo Credit: WAM)

Following the completion of the book building and subscription process for the IPO on March 24, Al Ansari Financial Services sold 750 million shares and set the final offer price for its initial public offering (IPO) at 1.03 dirhams per share, at the top of the previously announced price range.

The company’s first IPO raised 773 million dirhams ($210 million).

The offering further received strong demand from both qualified investors and UAE retail investors, with total gross demand exceeding 12.7 billion dirhams ($3.5 billion), including cornerstone investor National Bonds.

The offering was oversubscribed approximately 22 times, excluding the cornerstone tranche of 200 million dirhams and based on the final price.

The qualified investor offering received over 10.2 billion dirhams in orders, including a 200 million dirhams commitment from National Bonds.

Read more: Presight AI raises $496 mn from IPO

Qualified investor books were covered more than 19 times, excluding the cornerstone tranche.

The qualified investor offering was well received by both international and regional investors, with strong representation from the UAE, Saudi Arabia, and other GCC countries, demonstrating the group’s strong brand recognition throughout the GCC region.

The UAE retail offer drew significant demand, with orders totaling more than 2.5 billion dirhams, and the total number of applications received through receiving banks and the Dubai Financial Market’s (DFM) online platform reached nearly 15,000 people.

Al Ansari Holding exercised its right to increase the allotment to the UAE retail offer to 56.25 million shares, representing 7.5% of the total number of shares on offer, in response to the overwhelming demand from retail investors.

Al Ansari’s IPO is the most recent in the UAE, which is bracing for another year of record listings.

Presight AI Holding, a data analytics firm owned by Abu Dhabi’s G42 Group, raised 1.7 billion dirhams in its IPO, which attracted 94.9 billion dirhams in bids from investors amid a surge in regional share offerings.

For more on the latest IPOs, click here.

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