According to reports, remittance and currency exchange giants – Al Ansari Exchange plans to launch an initial public offering (IPO) early next year. The money exchange company held initial talks with potential advisers about the listing on the Dubai Financial Market, with plans to proceed in the first quarter of 2023.
The news comes as the Dubai bourse recently saw listings of major local companies including TECOM Group and Union Coop. In Abu Dhabi, Borouge recently staged the biggest IPO on the Abu Dhabi Securities Exchange. The 60-year-old exchange, with over 200 branches across the UAE, says it has been considering a public offering for some time but will continue to monitor market conditions before making its decision.
Why it matters
Globally, Q2 2022 saw a dramatic slowdown in IPO activity due to increasing market volatility. The appetite for IPOs in the Gulf still seems to be going strong despite a slight slowdown in investor motivation. The MENA region witnessed a 500% year-on-year increase in the number of companies listing during H1 2022 with 24 IPOs raising proceeds of $13.5 billion, a gain of 2,952% in value when compared to the same period in 2021.
