(MENAFN- Khaleej Times) Al Ansari Financial Services on Friday announced that it has increased the number of UAE retail shares in its initial public offering (ipo) - raising it from 5 per cent to 7.5 per cent - owing to a strong demand.
This is equivalent to 56.25 million ordinary shares, up from 37.5 million shares. Shares allotted to qualified investors are now at 693.75 million, instead of 7712.5 million, the company confirmed. A total of 750 million shares - or 10 per cent of the group's issued share capital - are on offer.
The IPO subscription period, however, remains unchanged. The UAE Retail Offer closed on Thursday, March 23, and the Qualified Investor Offer will close today, March 24.
Based on the previously announced price range of dh1 to dh1.03 per share , the size of the retail tranche will now be between Dh56.3 million and Dh57.9 million, representing a total of 7.5 per cent of the IPO size.
The final offer price will be determined through a book-building process upon the close of the qualified investor offer and is expected to be announced on or around March 27.
All of the shares are existing shares, with Al Ansari Holding selling 10 per cent of its ownership in the group. It will not receive any proceeds from the global offering. Following the global offering, the selling shareholder will continue to hold a stake of 90 per cent.
The completion of the offering and admission is currently expected to take place on April 6, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of admission to listing and trading on the DFM.
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