Dubai, UAE – Al Ansari Financial Services, one of the leading integrated financial services groups in the UAE, became the first family business to be listed on Dubai Financial Market (DFM) on Thursday.
The group raised AED773 million ($210 million) through the sale of 750 million shares for AED1.03, giving the group a market capitalization of AED7.7 billion ($2 billion) at listing.
The IPO was met with strong demand from investors, with the offering oversubscribed 22 times. The retail investors tranche alone was oversubscribed by 44 times, with its offer size raised from 5 percent to 7.5 percent. The IPO received high traction from both the institutional and retail investors, with aggregate demand surpassing AED 12.7 billion ($3.45 billion)
Al Ansari Financial Services’ shares began trading under the symbol “ALANSARI” on the DFM. The group has over 231 physical branches across the Emirates, as of December 31, 2022, and plans to maintain its leading physical branch network position, expand its GCC market share, enhance its digital offering, grow current margins, and expand its value proposition in the end-to-end cash management market.
