Al Ansari Owners Raise $210 Million in Dubai’s First IPO of 2023 - Bloomberg
The owners of remittance and money exchange firm Al Ansari Financial Services raised 773 million dirhams ($210 million) after pricing shares at the top of the range.
Al Ansari Holding LLC sold 750 million shares for 1.03 dirhams each, valuing the company at $2.1 billion, according to a statement on Monday. Its shares will start trading on April 6.
The IPO — Dubai’s first this year — attracted total demand of more than 12.7 billion dirhams, including a 200 million-dirham commitment from cornerstone investor National Bonds Corp. Excluding the cornerstone tranche, the IPO was oversubscribed about 22 times.
Al Ansari had received enough orders for all of the shares on offer within an hour of books opening on March 16 even as markets were roiled by the collapse of several mid-sized US lenders and concerns over Credit Suisse Group AG.
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