The strong investor demand has led UAE-based exchange house Al Ansari Financial Services (Al Ansari Exchange) to expand the size of the retail tranche from 5% to 7.5% of its share capital in its ongoing initial public offering (IPO), which aims to generate up to AED 772.5 million (USD 210.4 million dollars).
According to a statement released by the company, the total number of ordinary shares being offered remains constant at 750,000,000, or 10% of Al Ansari Financial Services’ issued share capital.
The qualified investor tranche has been decreased from 712,500,000 ordinary shares to 693,750,000 ordinary shares, representing 92.5% of the total number of shares on offer, down from the previously announced 95.0%.
The retail tranche will now be between AED 56.3 million to AED 57.9 million, or 7.5% of the IPO size, based on the previously disclosed price range of AED 1.00 to AED 1.03 per share.
The qualified investor offer will end on March 2nd, while the UAE Retail Offer will be closed on April 6th. Following these closing dates, a book-building process will be used to determine the final offer price.
Al Ansari Exchange is a successful trading venture run by the Al Ansari family. It was started in 1966 and now it is the largest branch network among exchange companies in the UAE.
Al Ansari Exchange was founded primarily to address the foreign exchange and remittance demands of its business partners and consumers.
The company was founded during a time when formal banking was not formed in the nation. As banking began to ostensibly develop and take shape in the middle of the 1960s, the company established its first branch in Abu Dhabi.
From there the company advanced quickly and became one of the biggest and most well-known exchange companies in the UAE.
In addition to being licenced and governed by the Central Bank of the UAE, Al Ansari Exchange is rated ‘5A1’ by ‘Dun & Bradstreet’, the highest rating level that can be obtained and signifying minimum risk and a high degree of credit.
Image Credits: alansariexchange.com