Have a look on Al Ansari IPO starting price
On Thursday, Al Ansari Financial Services declared the details of their first initial public offering (IPO), with the price range of Dh1 and Dh1.03 per share.
With this range, the firm might rake among Dh7.50 billion (US$ 2.04 billion) as well as Dh7.73 billion (US$ 2.10 billion) upon recording.
Al Ansari Holding LLC reserves the right to raise the amount of the global offering, which will be limited to a maximum of 750 million ordinary shares, or 10% of Al Ansari Financial Services’ issued share capital.
For the UAE Retail Offering and the Qualified Investor Offering, the IPO subscription period begins today and lasts until March 23 and 24, respectively.
The final offer price will be selected through a book-building process and also is hoped to be declared on March 27.
The group is planned to release a minimum dividend of Dh600 million in 2023, with the initial half of the payment being paid in October 2023 as well as the second half in April 2024, by the dividend policy that the board of directors approved.
The range of offer price implies a minimum dividend yield of 7.77 to 8% for this financial year.
The Emirates Investment Authority (EIA) shall have the right to subscribe for up to 5% of the Global Offering, and also, the percentage of shares that the EIA may purchase shall be allocated in its entirety before being made available to any other subscriber or qualifying investor offer.
Subject to market situations and securing all regulatory clearances in the UAE, such as approval of admission to listing & trading on the DFM, the completion of the offering and admission is presently anticipated to occur on April 6.
The Abu Dhabi Commercial Bank, EFG-Hermes UAE Limited, as well as Emirates NBD Capital, have been selected as joint global coordinators.
The principal receiving bank has been designated as Emirates NBD. Other receiving banks include ADCB, Abu Dhabi Islamic Bank, Al Maryah Community Bank, Commercial Bank of Dubai, Dubai Islamic Bank, and Emirates Islamic Bank. Moreover included on the list is the National Bank of Ras Al-Khaimah Bank PSC (“RAKBANK”).
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