Al Ansari Financial Services on Thursday announced the offer price range per share and the start of the subscription period for its initial public offering (IPO) on the Dubai Financial Market (DFM).
The price range for the global offering has been set at Dhs1.00 and Dhs1.03 per share, implying a market capitalization with the market quoted between Dhs7.50 billion (US$2.04 billion) and Dhs7.73 billion (US$2.10). billion USD) implied.
A total of 750 million (750,000,000) shares will be offered, representing 10% of the Group’s issued share capital, resulting in a total offering size of between Dhs 750 million ($204 million) and Dhs 773 million ($210 million).
All shares are existing shares, with Al Ansari Holding selling 10% of its ownership in the group. The Group will not receive any proceeds from the Global Offering. Following the global offering and subject to an increase in the size of the global offering, the selling shareholder will continue to hold a 90% interest.
Al Ansari Holding reserves the right, in its sole discretion, to change the size of the global offering at any time prior to the close of the subscription period, subject to applicable UAE laws and the approval of the Securities and Commodities Authority (SCA). .
Based on the dividend policy approved by the Board, the Group is expected to pay a minimum dividend of Dhs600 million for 2023, with the first half payment in October 2023 and the second half payment in April 2024. As such, the offer price range implies a minimum dividend yield of c 7.77% to c. 8.00% based on the 2023 financial year.
As previously announced, the Global Offering is available to individuals and other investors in connection with the UAE Retail Offering (UAE Prospectus) as part of the UAE Retail Offering; and to professional investors and other investors in a number of countries, including in the United Arab Emirates, as part of the Qualifying Investor Offering and Exempted Offering (Qualifying Investor Offering).
In addition, the Emirates Investment Authority (EIA) is entitled to subscribe for up to 5% of the global offering and the percentage of shares that the EIA can purchase will be fully allocated to other subscribers of the EIA prior to the start of the allotment offering to qualified investors .
The IPO subscription period begins today and will run until March 23, 2023 for the UAE retail offering and March 24, 2023 for the qualified investor offering.
The final offer price will be determined through a bookbuilding process and is expected to be announced on March 27, 2023.
The closing of the offering and admission is currently expected to occur on April 6, 2023, subject to market conditions and receipt of relevant regulatory approvals in the UAE, including approval of the admission to listing and trading on the DFM.
WAM
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