UAE’s Al Ansari Financial Services planning IPO

By Andrei Skvarsky.

United Arab Emirates company Al Ansari Financial Services expects to raise about $2m by selling 750m ordinary shares through an initial public offering (IPO) it plans to launch early next month with subscriptions due to start on March 16.

The shares, to represent 10 per cent of Al Ansari, will be floated on the Dubai Financial Market stock exchange and are scheduled to be listed on or around April 6, the Dubai-based company said in a statement.

Some of the shares will be offered to qualified investors from anywhere outside the United States and the rest to retail investors anywhere in the world. The subscription period for the former is due to run until March 24 and that for the latter until March 23, the statement said.

Al Ansari reserved the right to amend the size of the IPO at any time before the final pricing, according to the statement.

Three banks – Abu Dhabi Commercial Bank, EFG Hermes UAE and Emirates NBD Capital – have been appointed as joint global coordinators for the IPO. The Sharia supervision committees of Abu Dhabi Commercial Bank and Emirates NBD have confirmed the planned IPO to be Sharia-compliant.

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