Tuesday, March 28, 2023 – 3:12 PM
From: Ramy Samih
ABU DHABI, 28th March, 2020 (WAM) — Initial offerings in the UAE markets witnessed a record demand and great demand by investors, sovereign funds, and local, regional and global investment portfolios, reflecting great confidence in the strong economic approach pursued by the UAE in its major companies and institutions.
According to the monitoring of the Emirates News Agency, WAM, the total demand for 3 initial proposals for the companies “ADNOC” for gas, “Briskite” for artificial intelligence solutions and “Al-Ansari” for financial services amounted to more than 557.6 billion dirhams, during the first quarter of this year. The three offerings have revenues of about 11.69 billion dirhams.
The new offerings in the local markets provide attractive opportunities and broader investment options for investors to participate in the strong growth process of the national economy, and also pave the way for companies to start their journey in the UAE markets, which is one of the most important financial markets at the regional and global levels.
ADNOC Gas.
The ADNOC Gas IPO, which raised total proceeds of about 9.1 billion dirhams, witnessed the strongest demand ever for an initial public offering in the UAE, with the total demand across all segments reaching more than 450 billion dirhams, exceeding the target value by nearly 50 times.
The IPO attracted unprecedented international demand from international institutional investors outside the UAE, which generated orders worth around 92 billion dirhams, about 10 times the total offering size.
The IPO of ADNOC Gas provided local and international investors with the opportunity to own shares in a world-class, large-scale gas processing company that operates along the gas value chain.
-Briseit..
The offering of the company “Presite” Ai Holding plc collected total revenues amounting to about 1.822 billion dirhams, amid exceptional levels of demand by ordinary and professional investors, with the total demand for public offering reaching 94.9 billion dirhams, as the offering was covered by 136 times in total, With the exception of the main investor in the company represented by the “International Holding” company.
Presite shares were offered at a fixed price of 1.34 dirhams per share for 1.359 billion shares, representing 24.24% of the company’s capital. The listing provides investors with the opportunity to contribute to the leading company in the region in the field of big data analytics supported by artificial intelligence, and it is the second company offered by the “G42” group on the Abu Dhabi Stock Exchange in the technology sector after the listing of “Bayanat” last year.
Al-Ansari Financial Services.
The Al Ansari Group for Financial Services raised, through the initial public offering, 773 million dirhams. . With the exception of the initial investor commitment of 200 million dirhams, the level of subscription exceeded the target value of all tranches combined by about 22 times according to the final price.
Professional investors placed more than 10.2 billion dirhams in subscriptions, including a commitment by National Bonds Corporation of 200 million dirhams. With the exception of the core investor commitment, requests for qualified professional investors exceeded the subscription volume by more than 19 times, while the professional investor offering witnessed strong demand among both regional and international investors, with good participation from investors from the UAE, Saudi Arabia and the rest of the Gulf Cooperation Council countries.
In turn, individual investors in the UAE witnessed a large demand, with a value exceeding 2.5 billion dirhams, with the number of applications submitted through receiving banks and the Dubai Financial Market electronic platform reaching approximately 15,000.
750 million shares, representing 10% of the total issued shares in the group’s capital, will be listed for trading on the Dubai Financial Market on April 6, and according to the final offering price upon listing, the dividend yield will be about 7.8% at least, and the market value will reach The group has 7.73 billion dirhams.
Reda Abdel Nour / Ramy Samih