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Al Ansari Financial Services shares reduced their gains at the end of their first trading session on the Dubai Financial Market [DFM], after the success of the public offering, which is the first in the emirate’s market this year.
Al Ansari Financial Services Company received orders exceeded 12.7 billion dirhams ($3.5 billion) to subscribe for 10% of its shares, so that the offering was covered more than 16 times.
The demand for the offering contributed to the company pricing its shares at the upper end of the price range, as a result of which the company raised 773 million dirhams ($210 million).
In addition to being the first public offering in the Dubai market this year; It is also one of the first family companies in the United Arab Emirates to go public.
Rashid Al Ansari, CEO of the company, said in an interview with “Eqtisad Al Sharq” that the listing on the Dubai Financial Market came with the aim of preserving the company’s gains, restructuring it and preparing it for a new growth phase.
Last year, listing operations in the Emirate of Dubai raised about $8.5 billion, amid a privatization campaign aimed at increasing trading volumes and keeping pace with IPO activity in neighboring markets, especially in Abu Dhabi and Riyadh.
Al Ansari achieved profits amounting to 595 million dirhams last year, a growth rate of 21%. It aims to distribute profits of up to 600 million dirhams as a minimum for the year 2023, and after that, it is expected to distribute profits at a rate of no less than 70% of the net profits achieved.
The company established its exchange business nearly 60 years ago, and it currently operates more than 230 branches in the Emirates, making it one of the largest exchange companies in the country. In addition to currency exchange services, it also provides money transfer services, pays the salaries of local workers, and provides savings programs, according to its website.
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