Skip to content Skip to Search
Skip navigation

UAE exchange house Al Ansari seeks to raise over $210m in IPO

Al Ansari reported that customer demand for digital channels skyrocketed, with a 94% year on year increase in transaction value Al Ansari
Al Ansari reported that customer demand for digital channels skyrocketed, with a 94% year on year increase in transaction value

UAE-based remittance and foreign exchange house Al Ansari Financial Services is seeking to raise up to AED772.5 million ($210.4 million) by listing on the Dubai Financial Market (DFM). 

Al Ansari, which announced an intention to float 10 percent of the company last week, will price its shares between AED1 and AED1.03, implying a valuation of AED7.5 billion to AED7.73 billion, the company said in a statement.

Books were covered shortly after opening, Reuters reported, citing a note to investors.

The exchange house is offering 750 million shares through an initial public offering (IPO). Subscription began on Thursday (March 16) and will run until March 24.

The final price of the shares will be set on March 27 through a book-building process.  The listing is expected on April 6.

The company aims to pay a minimum dividend of AED600 million for 2023, to be paid out in October 2023 and April next year. The offer price range indicates a minimum dividend yield of about 7.77-8.00 percent in 2023, the statement added.

Dubai-based Shariah-compliant savings scheme provider National Bonds Corporation has committed to a cornerstone investment of AED200 million.

Al Ansari chairman Mohammad Ali Al Ansari said earlier that the listing will “offer investors a unique investment opportunity with significant exposure to a region that is expected to witness robust growth in the mid-term”.

The company posted a net profit of AED595 million for 2022, up 21 percent on the previous year.

The company’s foreign exchange operations started as an offshoot of a trading business of the Al Ansari family almost 60 years ago, opening its first branch in Abu Dhabi in 1966. It has since grown to a network of 231 branches, employing more than 3,500 people and catering to over three million customers.

Latest articles

Oman UAE deals Sultan of Oman president of UAE

Oman and UAE sign deals worth $35bn

The UAE and Oman have announced a host of new commercial and business deals worth a total of AED129 billion ($35 billion). The partnerships were agreed during Monday’s state visit to the Emirates by the ruler of Oman, Sultan Haitham bin Tariq al Said.  Investment and collaboration agreements covered areas including renewable energy, green metals, […]

A silver trader in his shop in Ahmedabad, India. India is sourcing an increasing amount of its silver from the UAE

India’s silver imports from UAE on the rise

Supplies of silver to India from the UAE have increased this year, as the Emirates’ exporters benefit from an agreement signed between the countries two years ago. The India-UAE comprehensive economic partnership agreement signed in 2022 has significantly boosted imports, according to a report by Indian English-language business newspaper The Financial Express.  The UAE route […]

A worker at Al Faw Grand Port. The Development Road project aims to connect the port with Turkey

Gulf to collaborate on $17bn Suez Canal road and rail rival

The $17 billion “Development Road” project is moving ahead after the UAE, Iraq, Qatar and Turkey signed a quadrilateral cooperation agreement.  The road and rail collaboration aims to tie the Al-Faw Grand Port in Iraq’s oil-rich south to Turkey, thereby shortening travel time between Asia and Europe in a bid to rival the Suez Canal. […]

A flooded residential area in Dubai. New drainage infrastructure should be nature-based, say experts

Concrete or sponge? Dubai’s post-flooding options

In the wake of last week’s floods, retrofitting Dubai with traditional, concrete-based drainage systems would be expensive, time-consuming and complicated. As an alternative, authorities should look to nature-based solutions, industry professionals told AGBI. “Dubai should not repeat the mistakes that have been made in most of the Western world,” said Ronny Berndtsson, professor in water […]