Dubai: Al Ansari Exchange Shares Surge On First Trading Day After Successful IPO
(MENAFN- Khaleej Times) Al Ansari Exchange shares opened sharply higher on the first trading day on Thursday, jumping more than 19 per cent in the first three minutes of trading. Listed on the Dubai financial Market, the exchange house had priced shares at Dh1.03 in its Dh773 million initial public offering (IPO) last month.
It sold 10 per cent of the company's shares – equivalent to 750 million shares – through the IPO. Al Ansari Holding holds the remaining 90 per cent. The UAE retail offer was oversubscribed by around 44 times.
At the opening of the market on Thursday, Al Ansari Exchange shares opened 16.5 per cent higher at Dh1.20 and then inched up further to Dh1.23. It hit a low of Dh1.18.
Its shares were trading at Dh1.20, up Dh0.17 or 16.5 per cent, at 10.15 am UAE time.
The company's counter saw 63.4 million shares changing hands worth Dh76.3 million in the first 15 minutes of trading.
Last week, it said its digital channels recorded more than 30 per cent growth in digital remittance transactions in the first quarter of 2023 as compared to the same period last year.
In March 2023, the company's digital channels broke records by achieving an unprecedented number of transactions, reaching 340,000 in total.
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