Dubai: The family-owned Al Ansari Financial Services' IPO saw subscriptions hit Dh12.7 billion, with the final offer price set at Dh1.03 per share, which is at the top end of the price range. The company, which will list on DFM April 6, last week confirmed it was adding to the stake that retail investors will be getting - and demand from this category proved quite significant. 

The final stock price implies a market cap of Dh7.73 billion (or $2.1 billion) on listing at DFM. The Dh12.7 recorded by way of over-subscription saw Gulf-based investors joining in, and there was also National Bonds signing up to be a cornerstone investor. The over-subscription tally is 22x (excluding the cornerstone tranche).

The company was floating 10 per cent via the IPO. “The remarkable investor interest we drew from across the UAE, regional and international investors demonstrates the strong brand reputation that Al Ansari Financial Services has built over its long and rich history," said Mohammad Ali Al Ansari, Chairman of Al Ansari Financial Services. "It is also a testament to the attractiveness of the UAE and wider GCC economies and the investment community’s confidence in Dubai’s public equity markets and the DFM.”

Al Ansari - which raised its retail investor tranche to 7.5 per cent from 5 - will take on the mantle of being the debut listing on DFM in 2023. On ADX, ADNOC Gas has done so and the G42-owned Presight AI will join shortly.