Al Ansari Financial Services has launched its IPO today (March 16) with a price range of AED 1-1.03 per share. The company is offering 750 million shares and is hoping to become the first of many UAE family-owned businesses to go public on the DFM or ADX.
The pricing details were released through a newspaper advertisement and the final price will be revealed on March 27. National Bonds Corporation has been named as a “cornerstone” investor and has invested AED 200M. The IPO values the company from AED 7.5B to AED 7.725B. Al Ansari Exchange, which is the group’s flagship entity, is currently the market leader in the UAE’s remittance sector according to reports.
Al Ansari Exchange is offering 10% of its company to retail and institutional investors until March 24, valued between AED 7.5B and AED 7.725B. CEO Rasheed Al Ansari stated that the company plans to expand its physical branches in the UAE and other Gulf markets, with a strong correlation between the number of branches and market share.
The company has seen profitability in 60% of the 41 branches opened in the past few years, which is unprecedented in its history. Additionally, the company plans to expand its digital services and increase its value proposition in the corporate remittance space. National Bonds Corporation has committed to investing AED 200M in the IPO.
