Al Ansari Financial Services, a UAE-headquartered exchange house, has raised AED 773M (equivalent to $210.5M) in its IPO by fixing the final price at AED 1.03 per share, which is the highest end of the suggested price range.
The company announced on Monday that this translates to a market capitalisation of AED 7.73B. It has stated that due to the high investor demand, it has raised the size of its retail offering to 7.5% of the share capital from the initial 5%.
The offering was oversubscribed by approximately 44 times, as per the company’s statement. Upon listing, the dividend yield will be at least 7.8% at the final price. After the IPO, Al Ansari Holding will maintain ownership of 90% of the issued share capital of the group.
