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“Al-Ansari” increases the shares of individual investors to 56.2 million shares


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The Al Ansari Financial Services Group announced today that it has exercised its right to increase the number of offering shares allocated to retail investors in the UAE as part of the group’s initial public offering from 37.5 million ordinary shares to 56.25 million ordinary shares after the selling shareholder obtains the approval of the Securities and Commodities Authority.

And the company stated, in a statement today, that the decision was taken in response to the large demand on the part of individual investors and the registration of a surplus in the subscription of individual investors in the UAE.

The offer size remains unchanged at 750 million ordinary shares, representing 10% of the total issued shares in the capital of Al Ansari Financial Services.

As a result of the selling shareholder’s decision to increase the volume of shares allocated to the individual investor segment, 693.75 million ordinary shares will be allocated to the professional investor segment instead of 712.5 million ordinary shares.

And based on the previously announced price range, which ranged between 1 and 1.03 dirhams per share, the value of shares allocated to the individual investor segment will now range between 56.3 and 57.9 million dirhams, representing 7.5% of the initial public offering size.

It is noteworthy that the offering shares are not new, but are existing shares currently owned by the selling shareholder, “Al Ansari Holding”, which sells 10% of its ownership in the group. Thus, the proceeds of the offering will go to the selling shareholder without the Group receiving any proceeds from the global offering. The selling shareholder will retain 90% ownership of the group’s shares following the global offering.

The subscription periods remain the same, as yesterday, corresponding to March 23, 2023, the subscription door for individual investors in the UAE was closed, while today the subscription period for professional investors ends.

The final offering price will be determined through a book building process following the close of subscription by qualified investors and is expected to be announced on March 27, 2023.

It is currently expected to complete the offering and accept the listing of the shares on April 6, 2023, based on market conditions and after obtaining the relevant regulatory approvals in the UAE, including approval for listing and trading on the Dubai Financial Market.