Al Ansari Financial Services will be the first Dubai IPO of 2023, offering 750 million shares for 10 per cent of the company's existing share capital. For retail investors, the subscriptions will run from March 16 to 23, while that for qualified investors, it would end on March 24.
The price band for IPO has not been revealed. The listing on DFM will happen 'on or around April 6'.
Read the full story here: https://gulfnews.com/business/markets/watch-al-ansari-financial-services-is-dubais-first-ipo-for-2023-floating-10-and-promises-dh600m-dividend-1.1678331505456
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The price band for IPO has not been revealed. The listing on DFM will happen 'on or around April 6'.
Read the full story here: https://gulfnews.com/business/markets/watch-al-ansari-financial-services-is-dubais-first-ipo-for-2023-floating-10-and-promises-dh600m-dividend-1.1678331505456
See more videos at https://gulfnews.com/videos
Read more Gulf News stories here: https://bit.ly/2HLJ2km
Subscribe to Gulf News on YouTube and watch more of our videos: https://www.youtube.com/user/GulfNewsTV
#UAEnews #Dubai #finance
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NewsTranscript
00:00We are extremely proud to be the first company to list on the DFM this year.
00:05It's a very proud moment for us, a big milestone also for the family and for the business.
00:10But we're also the first family business that are actually listing in the UAE,
00:15and this is something, of course, we take very proudly.
00:17The reason that we have embarked on this IPO journey mainly is to protect the successes
00:22that we have had over the five and a half decades in the history of the organization
00:27and really reposition it for its next phase of growth.
00:30This is very different when you go and speak to maybe regulators around the region.
00:34As a family business, it's very different when you're going in as a listed company,
00:38and this is what we're hoping, is to open new avenues of growth for us.
00:41We already dominate the UAE market, it's our home turf, but we want to expand.
00:45We've already demonstrated our capability to expand into Kuwait.
00:49We have entered the Kuwaiti market in 2002, grew organically.
00:53We have recently concluded an acquisition in order to position us
00:56as the fourth largest player in the Kuwaiti market.
00:59We can replicate these successes in other GCC markets.
01:02GCC market represents 25% when it comes to the global remittances
01:09or personal outward remittances that takes place around the world.
01:12So it's a very important and strategic place for us to consider for our growth strategy.
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