The UAE-based Al Ansari Financial Services plans to sell a 10% stake, or 750 million shares, in an IPO and list on the Dubai Financial Market.

The qualified investor subscription period will run from March 16 to March 24 and the UAE retail subscription period will take place from March 16 through March 23. The company expects to start trading on the DFM on April 6, it said on Thursday.

The financial services company made a net profit of 595 million dirhams ($162.01 million) last year, up from AED491 million in 2021. Operating income rose to AED1.15 billion from AED988 million in 2021, with remittances accounting for 64%. 

Al Ansari is targeting a minimum dividend of AED600 million for 2023, to be paid in October and in April next year. It also proposes a minimum dividend pay-out ratio of at least 70% of the net profit, paid semi-annually going forward.

Abu Dhabi Commercial Bank, EFG Hermes UAE and Emirates NBD Capital have been mandated as joint global coordinators for the IPO, the statement said.

Al Ansari Exchange, one of the largest in the UAE, was set up nearly 60 years ago and has 200 branches throughout the country. The firm offers exchange services, remittances and payroll solutions.

(Writing by Brinda Darasha; editing by Seban Scaria)