Al Ansari Financial Services has announced that following the approval from the Securities and Exchange Authority (SCA), Al Ansari Holding (Selling Shareholder) has exercised its right to increase the number of shares offering in the UAE Retail Offer of the Group’s Initial Public Offering (IPO) to 56,250,000 ordinary shares from 37,500,000 ordinary shares.

In a statement, the company said that the increase is in response to very strong demand from retail investors and elevated oversubscription of the UAE Retail Offer.

A total of 750,000,000 shares, equivalent to 10 percent of the Group’s issued share capital, are on offer. Subsequently, given the decision by the Selling Shareholder to increase the allotment to the Retail Investor Tranche, the Qualified Investor Tranche will be allotted 693,750,000 ordinary shares, instead of 712,500,000 ordinary shares.

Based on the previously announced price range of Dhs1.00 to Dhs1.03 per share, the size of the Retail Tranche will now be between Dhs56.3 million and Dhs57.9 million, representing a total of 7.5 per cent of the IPO size.

All the Shares are existing shares, with Al Ansari Holding selling 10 percent of its ownership in the Group. The Group will not receive any proceeds from the Global Offering. Following the Global Offering, the Selling Shareholder will continue to hold a stake of 90 percent.

The IPO subscription period remains unchanged. The UAE Retail Offer closed on Thursday, 23rd March 2023, and the Qualified Investor Offer will close on Friday, 24th March 2023.

The final offer price will be determined through a book-building process upon the close of the Qualified Investor Offer and is expected to be announced on or around 27th March 2023.

The completion of the Offering and Admission is currently expected to take place on 6th April 2023, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of Admission to listing and trading on the Dubai Financial Market (DFM).

Meanwhile, Presight AI Holding PLC (“Presight” or the “Company”), a G42 company, and the region’s leader in big data analytics powered by artificial intelligence (“AI”), recently announced that its Initial Public Offering (“IPO”) is subscribed in full. The IPO received total gross demand amounting to Dhs 94.9 billion (USD 25.8 billion) and was 136 times oversubscribed in aggregate, excluding the commitment from the Company’s cornerstone investor, International Holding Company PJSC (ADX:IHC).

Thomas Pramotedham, CEO of Presight, said: “We are delighted that Presight AI’s IPO has been met with overwhelming interest from both Retail and Professional Investors. The significant oversubscription is a testament to investor confidence in our company’s growth strategy and ability to create value for shareholders. The IPO will help us capitalize on significant potential for market growth as demand for big data analytics powered by AI continues to grow across multiple sectors.”

The subscription period for Retail and Professional Investors ended on 17 March 2023 at 12:00pm. The listing of Presight shares and trading on the ADX is expected on 27 March 2023. The prospectus and detailed information about the Company and its IPO.

Meanwhile, the Abu Dhabi Securities Exchange (ADX) has appointed Emirates NBD Capital as a custodian, as part of its efforts to expand its custodial services.

Emirates NBD Capital obtained its custody licence from the UAE Securities and Commodities Authority (SCA). Emirates NBD Capital is the global investment banking arm of Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region. It has partnered with BNY Mellon, the world’s biggest custodian bank, to offer custody services to its clients.

As a licensed custodian, Emirates NBD Capital provides safe and secure solutions for investors to hold securities, such as stocks, bonds or other assets. Custody services is an extension of Emirates NBD securities broader suite of security services. The Group’s alliance with BNY Mellon will also provide Emirates NBD customers access to BNY Mellon’s global custody, asset servicing, data and technology capabilities.

The appointment of Emirates NBD Capital and the expansion of custodian options is another step by ADX to boost liquidity, widen its international investor base and enhance the depth of its market, while broadening the listings pipeline, introducing new products and services, and enhancing corporate governance.

Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX, said, “We are delighted to welcome Emirates NBD Capital as a custodian member of ADX. The admission of Emirates NBD Capital marks another significant expansion in the custody options available to investors. We will continue to expand the range and quality of services and products we provide to investors, cementing ADX’s position as one of the most dynamic securities exchanges in the region.”

Mohammad Al Bastaki, CEO of Emirates NBD Capital, said, “We are pleased to offer custody services on ADX as part of our broader securities services offering. The alliance with BNY Mellon brings together Emirate NBD Group’s regional expertise and track record of excellence with the global know how of the world’s biggest custodian bank, providing our clients with custody services across multiple geographies while supporting the development of the post trade value chain and the growth of capital markets in the region.”

WAM