Skip to content Skip to Search
Skip navigation

UAE’s Al Ansari Exchange picks banks for Dubai IPO

By Pramod Kumar
Al Ansari Exchange
The UAE retail offer, which was increased from 5% to 7.5% of the 750 million ordinary shares on offer, was oversubscribed nearly 44 times

UAE-based foreign exchange and remittance firm Al Ansari Exchange has picked EFG-Hermes and Emirates NBD Bank to lead its planned initial public offering (IPO) in Dubai, Bloomberg reported, citing people familiar with the matter.

The money-exchange firm is likely to list in the first quarter of 2023. Preparations for the IPO are ongoing and details such as timing could still change, the news agency said.

The Gulf region remains a bright spot for IPOs with a growing pipeline of potential listings, despite a few lacklustre trading debuts in recent months.

The recent listings on the Dubai stock exchange – Union Coop and Tecom Group – fell on their first trading days.

Al Ansari Exchange, set up almost six decades ago, currently has over 200 branches in the UAE.

Latest articles

A researcher at a Borouge innovation centre. The petrochemical company plans to maintain its 2024 dividend at $1.3 billion

Borouge profit rises to $273m despite revenue fall

Petrochemicals major Borouge said its net profit for the first quarter of 2024 rose 37 percent to $273 million amid stronger price premium on high-value products. The Abu Dhabi-listed company said revenue fell 6 percent year on year to $1.3 billion on planned feedstock-related operational maintenance. Average sales prices increased quarter on quarter by 4 […]

A Spinneys supermarket. The total size of the IPO remains unchanged at 900 million shares, representing 25 percent of the company’s issued share capital

Spinneys increases UAE retail offering after high demand

Supermarket operator Spinneys has increased the size of its UAE retail offering by 40 percent on the Dubai Financial Market following high investor demand. The retail allocation has been increased from 45 million to 63 million shares, now comprising seven percent of the total shares offered, compared to five percent earlier. However, the total size […]

A boy shares a hot spring with cows in Guroymak, Bitlis, Turkey. The World Bank has recognised Turkey’s geothermal potential with $600m of grants and loans

Investors warm to Turkey’s geothermal sector

Turkey is planning to offset its hydrocarbons deficit by broadening its renewable energy base, with the country’s geothermal sector being targeted by investors as a strong growth market. Turkey’s current installed capacity of 1700 megawatts (MW) – much of which is being used in agriculture to heat greenhouses – ranks it among the leaders in […]

Dubai financial market

DFM operator’s profit rises 150% as revenues surge

Dubai Financial Market Company, the operator of the Dubai stock exchange, has reported a jump in net profit of more than 150 percent, thanks to a revenue surge in the first quarter of 2024. Net profit for the three-month period rose to AED89.6 million ($24.4 million), against AED35.3 million a year ago. Total consolidated revenue increased […]