Al Ansari Financial Services Company has received applications exceeding 12.7 billion dirhams ($3.5 billion) to subscribe to 10% of its shares, making the offering oversubscribed more than 16 times, according to company data it announced on Monday.
The turnout for the offering contributed to the company's pricing of its shares at the upper end of the price range, as a result of which 773 million riyals ($210 million) were collected.
Al-Ansari had offered 750 million shares of its shares for sale in the first initial public offering in the Dubai market this year, and said that the global offering witnessed interest from investors in the UAE, the Gulf and international investors.
Al Ansari Exchange doubles dividends before offering in Dubai
It is expected to start trading shares in the Dubai market next April 6. In addition to being the first public offering in the Dubai market this year; The offering is one of the first family businesses in the UAE to go public.
Last year, listing operations in the Emirate of Dubai raised about $8.5 billion, amid a privatization campaign aimed at increasing trading volumes and keeping pace with public offering activity in neighboring markets, especially in Abu Dhabi and Riyadh.
Dividend
The company achieved profits of 595 million dirhams last year, with a growth rate of 21%. It aims to distribute profits of up to 600 million dirhams as a minimum for the proceeds of 2023, and after that, it is expected to distribute profits at a rate of no less than 70% of the net profits achieved.
Al Ansari Exchange Company was established nearly 60 years ago and currently operates more than 230 branches in the UAE, making it one of the largest exchange companies in the country. In addition to currency exchange services, it also provides money transfer services, pays the salaries of local workers, and provides savings programs, according to its website.
