Al Ansari Financial Services Group P.J.S.C. (a public joint stock company under incorporation in the Emirate of Dubai, United Arab Emirates) (hereinafter referred to as “Al Ansari Financial Services”, “the Group” or “the Company”), one of the leading groups providing integrated financial services in the country, today announced its The final offering price has been set at AED 1.03 per share, which is the upper end of the previously announced price range, after completing the book-building process for its initial public offering (“IPO” or “Global Offering”) on March 24, 2023.
The global offering attracted a huge demand from the segment of professional investors and the segment of individual investors in the UAE alike, as the volume of total demand for shares exceeded 12.7 billion dirhams (including the main investor, National Bonds Company). With the exception of the initial investor commitment of 200 million dirhams, the level of subscription exceeded the target value of all tranches combined by about 22 times according to the final price.
Professional investors have seen over AED 10.2 billion in subscriptions, including a commitment of AED 200 million from National Bonds Corporation. With the exception of the Initial Investor Commitment, requests from qualified professional investors were oversubscribed by more than 19 times. The offering of professional investors witnessed a strong demand among regional and international investors alike, with good participation from investors from the UAE, Saudi Arabia and the rest of the Gulf Cooperation Council countries, which reflects the strength of the brand that the group has built over nearly sixty years in the local and regional market.
In turn, individual investors in the UAE witnessed a large demand, with a value exceeding 2.5 billion dirhams, with the number of applications submitted through receiving banks and the Dubai Financial Market electronic platform reaching approximately 15,000. In response to the high demand from individual investors, the selling shareholder of “Al Ansari Holding LLC” (“Al Ansari Holding”) exercised its right to increase the allocation of the offering to retail investors in the UAE to 56.25 million shares, representing 7.5% of the total offering shares.
Mohammed Ali Al Ansari, Chairman of the Board of Directors of Al Ansari Financial Services Group, said: “The great interest on the part of Emirati, regional and international investors reveals the strength of our commercial reputation that we have built throughout our long and accomplished history. The investment community in the financial markets in the emirate, and the Dubai Financial Market in particular.
Al-Ansari added: “I would personally like to welcome all of our new shareholders, including our main investor, National Bonds Corporation, and invite all shareholders to be strategic partners as we strive to achieve the growth objectives of the group’s subsidiaries and develop an effective ESG strategy while creating long-term sustainable value.” to all shareholders.
For his part, Rashed Ali Al-Ansari, CEO of Al-Ansari Financial Services Group, said: “This listing provides an important opportunity for investors to be part of a leading financial group with high growth potential driven by favorable sector and macro-economic trends in the UAE and the GCC region in general. At the same time, the group plans to reward its shareholders by paying attractive dividends as specified in our dividend distribution policy.
He added: “As a publicly listed group, we will continue to enhance our credibility and raise the level of transparency in our relationship with existing shareholders, as well as attract new partners and enter new markets with greater confidence and ease. The listing provides us with the support we need to achieve our ambitions for regional expansion, and we plan to attract and retain the best talent. We look forward to Now to start a new phase in which we will continue our long-standing legacy in cooperation with our new shareholders.
750,000,000 (seven hundred and fifty million) shares, representing 10% of the total issued shares in the Group’s capital, will be listed for trading on the Dubai Financial Market on April 6, 2023. According to the final offering price upon listing, the dividend yield will be approximately 7.8%. At least, the group’s market capitalization will be AED 7.73 billion (US$ 2.10 billion). After the completion of the initial public offering, Al Ansari Holding will continue to hold 90% of the issued share capital of the group.
It is expected that Al Ansari Financial Services Group shares will start trading under the symbol “ALANSARI” and the ISIN code “AEE01198A238”. Investors participating in the retail offering in the UAE will be notified of the allocation of their shares through SMS on March 29, 2023.
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