On Monday, UAE-based exchange house Al Ansari Financial Services (IPO-ALAE.DU) reported raising 773 million dirhams ($210.5 million) at the top of the indicated range in an initial public offering (IPO).
Al Ansari said that 10% of the firm, or 750 million shares, will list on the Dubai Financial Exchange on April 6 at 1.03 dirhams each.
Al Ansari Holding will keep 90%.
The business stated the UAE retail offer was 44 times oversubscribed.
The Al Ansari family founded Al Ansari Exchange, the UAE’s largest exchange firm, over 60 years ago. Al Ansari Exchange was founded to address its commercial partners,’ and clients’ foreign exchange and remittance needs before formal banking was formed in the nation.
In 1966, Abu Dhabi launched its first bank branch.
The firm quickly became one of the UAE’s largest and most popular exchange providers. Al Ansari Exchange is registered and controlled by the UAE Central Bank and rated “5A1” by Dun & Bradstreet*, the highest rating level signifying low risk and high credit.
Al Ansari Exchange has over 200 locations and 3,500 multilingual employees that serve over 3 million consumers monthly with fast, dependable, and efficient service at low prices.
The Al Ansari Exchange mobile app accounts for 14% of the company’s transactions.
Al Ansari Exchange’s network averages 120,000 outgoing remittances daily, growing year-over-year.
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