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UAE’s Al Ansari Exchange picks banks for Dubai IPO

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.