Al Ansari Financial Services, the UAE foreign exchange and money transfer company, has increased the number of shares allocated to retail investors in its initial public offering due to “strong demand”.
The retail portion of the IPO has been raised to more than 56.25 million shares, from 37.5 million shares, equal to 7.5 per cent of the total shares on offer and up from the previously announced 5 per cent, the company said on Friday.
The qualified investor offer has been reduced to 693.75 million shares, from 712.5 million shares, equal to 92.5 per cent of the total shares on offer and lower than the previously announced 95 per cent.
Al Ansari Holding is selling 750 million shares, a stake of 10 per cent in Al Ansari Exchange, at an offer share price range of Dh1 to Dh1.03, implying a market capitalisation that is between Dh7.5 billion ($2.04 billion) and Dh7.73 billion ($2.10 billion) at listing.
The subscription periods for the UAE retail and qualified investors remain the same. The retail offering closed on Thursday while the qualified investor portion ends on Friday.
The final offer price will be determined through a book-building process and is expected to be announced on or around Monday, March 27, the company said.
Al Ansari may raise as much as $210 million from the IPO. The parent company will continue to own 90 per cent after the offering.
Al Ansari Exchange was set up about 60 years ago and has 231 branches throughout the UAE, offering exchange services, remittances, systems for paying domestic workers and savings plans.
The company opened its first exchange branch in the UAE in 1966 and also operates in Kuwait.
Al Ansari's IPO is part of a strategy to reposition the company for its next phase of growth, with proceeds going to parent entity Al Ansari Holding.
The UAE is the second-largest outward personal remittances market globally, with a total value of $48 billion, Al Ansari said earlier this month, citing a report by Edgar, Dunn and Company.
Al Ansari registered 22 million personal remittance transactions last year, with the money remitted increasing by 4.8 per cent to Dh737 million in 2022, compared with the previous year.
The company expects digital transactions to account for about a fifth of overall personal outward remittance transactions by 2027, up from 15 per cent in 2022.
Al Ansari believes exchange houses will continue to play a significant role, given the large and growing low-income resident population that is unbanked.
The company's net profit grew by 21 per cent to Dh595 million in 2022, compared with the previous year, and was up 59 per cent on its 2020 results.
Abu Dhabi Commercial Bank, EFG-Hermes and Emirates NBD are managing Al Ansari's IPO.
Aston martin DBX specs
Engine: 4.0-litre twin-turbo V8
Transmission: nine-speed automatic
Power: 542bhp
Torque: 700Nm
Top speed: 291kph
Price: Dh848,000
On sale: Q2, 2020
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
UAE currency: the story behind the money in your pockets
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
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THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
UAE currency: the story behind the money in your pockets
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
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