Dubai Money Exchange Firm Al Ansari to Sell 10% Stake in IPO - Bloomberg
The family owners of remittances and money exchange firm Al Ansari Financial Services plan to sell a 10% stake in its Dubai initial public offering, marking the emirate’s first listing this year.
Al Ansari Holding LLC will offer 750 million shares in the listing, according to a statement on Thursday. Al Ansari will take orders from retail investors from March 16 to March 23, and institutional investors until March 24. The listing is slated for on or around April 6.
The IPO is set to be the first in Dubai this year after the city recorded the largest offering in the Middle East in 2022 when Dubai Electricity & Water Authority PJSC’s raised $6.1 billion. In total, IPOs in the city raised a combined $8.5 billion last year in a privatization drive to increase trading volumes and catch up with listing activity in neighboring Abu Dhabi and Riyadh.
The region has been a bright spot for IPOs globally after high oil prices buoyed stock markets and drove investor inflows. Last week, Abu Dhabi National Oil Co. pulled off the world’s biggest listing so far this year when it raised $2.5 billion from the IPO of its gas business.
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