Al Ansari: UAE exchange business to consider IPO
Al Ansari Exchange in the UAE is considering making an Initial Public Offering (IPO). The UAE-based money exchange company has preliminary discussions with prospective advisors on the Dubai IPO that may occur in the first quarter of 2023, according to the sources.Preliminary information may change, they said.
Al Ansari Exchange CEO Rashed Al Ansari responded to a request for comment by saying, “Al Ansari Exchange has been considering the concept of going public for some time, but no final decision has been taken yet.” He added that the business will keep an eye on the market and “make an announcement appropriately.”
During the first half, the area was primarily a standout market for IPOs. In striking contrast to most other global markets where listings have slowed to a trickle owing to surging inflation and worries about a looming economic slump, high oil prices have led to a frenzy of share sales and massive stock inflows.
Salik, the latest IPO in Dubai, aims to raise $1 billion
The Dubai government hopes to generate $1 billion by selling road toll operator Salik shares as early as next month. Unnamed sources informed Bloomberg that Salik received a $1.1 billion loan from Emirates NBD to pay a special dividend to the government and that other IPO hopefuls in Dubai received similar loans.
The toll operator intends to go public in September. The Dubai government said it would keep at least a 60% share in Salik. Salik is one of ten potential privatizations in Dubai as part of the city-efforts states to strengthen its capital market. Several firms in the UAE have been talking about going public.
TECOM Group launched on the Dubai Financial Market (DFM) , after raising $462 million in an initial public offering in June. Burjeel Holdings, a well-known healthcare provider in the UAE, has also announced intentions to raise $750 million via an IPO in Abu Dhabi.
DFM announces inclusion of TECOM to General Index
The TECOM Group has been added to the Real Estate Index sector and the DFM General Index, according to the Dubai Financial Market (DFM).
UAE excels as 24 MENA IPOs raise $13.5 billion in H1 2022
The number of firms listing in the MENA area increased by 500% year over year in H1 2022. 24 IPOs raised $13.5 billion in proceeds, an increase of 2,952% in value over the same time in 2021. Worldwide, 630 IPOs generated $95.4 billion in revenue, a decline of 46% and 58%, respectively.
The largest IPO in EMEA since 2019 was raised by the Dubai Electricity and Water Authority PJSC (DEWA), which raised over $6 billion. Saudi Home Loans Company raised $160 million and was listed on the Tadawul in Q2 2022. Retal Urban Development Company raised $384 million after 62 times oversubscribing their institutional order book. Three initial public offerings garnered $40.8 million on the Nomu-Parallel Market. The Second Market of the ADX was renamed the Growth Market in April 2022.
