Dubai’s First IPO of the Year Sells Out in Under an Hour - Bloomberg
The Dubai initial public offering of remittances and money exchange firm Al Ansari Financial Services received orders for all shares offered within an hour of books opening, marking a strong start for the emirate’s first listing of the year.
The owners of Al Ansari are seeking to raise as much as $210 million in the IPO, with the price range set at 1 dirham to 1.03 dirhams (28 cents) per share, according to a statement on Thursday. Al Ansari Holding LLC is selling 750 million shares in the offering, or a 10% stake.
The order books were covered across the price range in less than an hour, according to terms of the deal seen by Bloomberg News, showing strong demand for the offering despite broader market turmoil following the collapse of Silicon Valley Bank and worries about Credit Suisse Group AG’s financial health.
The price range implies a dividend yield of at least 7.8% to 8%, higher than previous IPO candidates in the city and enticing investors with juicy returns in a high interest rate environment.
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