UAE exchange house Al Ansari seeks up to $210 million in IPO | Reuters
UAE-based exchange house Al Ansari Financial Services is looking to raise up to 772.5 million dirhams ($210.4 million) from an initial public offering (IPO), it said on Thursday.
Al Ansari, which last week announced an intention to float 10% of the company on the Dubai Financial Market, will price its shares between 1.00 and 1.03 dirhams, implying a valuation of 7.5 billion-7.73 billion dirhams, it said in a statement.
Books were covered shortly after opening, according to a note to investors seen by Reuters.
Middle East companies bucked global trends last year to raise about $22 billion through IPOs, according to Dealogic, which was more than half the total for the wider Europe, Middle East and Africa region.
UAE's National Bonds Corp, owned by the sovereign wealth fund Investment Corporation of Dubai, has committed 200 million dirhams as a cornerstone investor in Al Ansari's IPO, the exchange house said.
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