UAE-based exchange house Al Ansari Financial Services, which is looking to raise up to AED 772.5 million ($210.4 million) in its ongoing initial public offering (IPO), has increased the size of the retail tranche from 5% to 7.5% of its share capital due to strong investor demand.
The global offering size remains unchanged at 750,000,000 ordinary shares, which is 10% of Al Ansari Financial Services’ issued share capital, it said in a statement on Friday.
The qualified investor tranche has been reduced to 693,750,000 ordinary shares from 712,500,000 ordinary shares, equivalent to 92.5% of the total shares on offer, down from the previously announced 95.0%.
Based on the previously announced price range of AED 1.00 to AED 1.03 per share, the size of the retail tranche will now be between AED56.3 million and AED57.9 million, representing a total of 7.5% of the IPO size.
The UAE Retail Offer closed on 23 March and qualified investor offer will close on Friday, 24 March, after which the final offer price will be determined through a book-building process.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)