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Post: Al-Ansari increases the number of shares allocated to individual investors


Al Ansari Financial Services Group announced today that it has exercised its right to increase the number of shares allocated to retail investors in the UAE as part of the group’s initial public offering from 37.5 million shares of common stock to 56.25 million shares shares, after the sale receives the shareholder. Securities and Commodities Authority Approval.

And the company said in a statement today that the decision was made in response to strong demand from individual investors and oversubscription from individual investors in the UAE.

The size of the offering remains unchanged at 750 million shares of common stock, representing 10% of the total issued shares of capital of Al Ansari Financial Services. As a result of the Selling Shareholder’s decision to increase the number of shares allocated to the retail investor segment, 693.75 million shares of common stock will be allocated to the professional investor segment instead of 712.5 million shares of common stock.

Based on the previously announced price range of Dh1 to Dh1.03 per share, the value of shares allocated to the individual investor segment now ranges from Dh56.3 to Dh57.9 million, representing 7.5% of the IPO size . It is worth noting that the shares on offer are not new but existing shares currently held by the selling shareholder, Al Ansari Holdings, which is selling its 10% stake in the group. Thus, the Offering proceeds will be transferred to the Selling Shareholder without the Group receiving any Global Offering proceeds. The selling shareholder will retain 90% of the group’s shares after the global offering.

The subscription periods remain the same as yesterday, March 23, 2023, the subscription door closed for individual investors in the UAE and the subscription period for professional investors ends today.

The final Offer price will be determined by the bookmaking process following the close of subscriptions to qualifying investors and is expected to be announced on March 27, 2023. Currently, the Offer will be completed and shares will be accepted. To be listed on 6 April 2023, subject to market conditions and obtaining relevant regulatory approvals, Union in the UAE, including approval to list and trade on the Dubai financial market.

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Source: Al Ittihad

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