Friday 29 March 2024
 
»
 
»
Story

Al Ansari boosts stake allocated to retail investors in IPO

DUBAI, March 25, 2023

Al Ansari Financial Services has announced that following the approval from the Securities and Exchange Authority (SCA), Al Ansari Holding (selling shareholder) has exercised its right to increase the number of shares offering in the UAE Retail Offer of the Group’s Initial Public Offering to 56,250,000 ordinary shares from 37,500,000 ordinary shares.
 
The company pointed out that the increase was in response to very strong demand from retail investors and elevated oversubscription of the UAE Retail Offer.
 
A total of 750,000,000 shares, equivalent to 10% of the group’s issued share capital, are on offer. Subsequently, given the decision by the selling shareholder to increase the allotment to the Retail Investor Tranche, the Qualified Investor Tranche will be allotted 693,750,000 ordinary shares, instead of 712,500,000 ordinary shares.
 
Based on the previously announced price range of AED1.00 to AED1.03 per share, the size of the Retail Tranche will now be between AED56.3 million and AED57.9 million, representing a total of 7.5 percent of the IPO size.
 
All the shares are existing shares, with Al Ansari Holding selling 10% of its ownership in the group. The group will not receive any proceeds from the Global Offering. Following the offering, the selling shareholder will continue to hold a stake of 90%.
 
The IPO subscription period remains unchanged. The UAE Retail Offer closed on March 23 and the qualified investor offer closed yesterday (March 24).
 
The final offer price will be determined through a book-building process upon the close of the Qualified Investor Offer and is expected to be announced on or around March 27.
 
The completion of the IPO and admission is currently expected to take place on April 6.-TradeArabia News Service 



Tags:

More Finance & Capital Market Stories

calendarCalendar of Events

Ads