UAE-based exchange house Al Ansari Financial Services has raised AED 773 million ($210.5 million) in its initial public offering (IPO) after determining its final price at AED1.03 per share, which is at the top end of the indicated range.
This implies a market capitalisation of AED 7.73 billion, the exchange house said in a statement on Monday.
The company, which last week increased the size of its retail offering to 7.5% of the share capital from 5% on high investor demand, said the offering was approximately 44 times oversubscribed.
At the final price, and upon listing, the dividend yield will be a minimum of 7.8%. Following the completion of the IPO, Al Ansari Holding will continue to own 90% of the group’s issued share capital.
(Writing by Brinda Darasha; editing by Cleofe Maceda)