2023-12-27 13:55:48
Dubai Financial Market
The UAE financial markets witnessed 8 initial offerings of new public joint stock companies during the year 2023, in a step that contributed to increasing the depth of the markets, enhancing their investment attractiveness, and attracting a new segment of investors.
According to monitoring by the Emirates News Agency, WAM, the new initial offerings raised approximately 22.4 billion dirhams ($6.1 billion), amid record demand from investors, sovereign funds, and global investment portfolios, with the total demand for 6 of these offerings reaching more than 1.43 trillion dirhams.
Public IPOs were distributed in the UAE markets during the current year, with 6 IPOs with a total value exceeding 20.4 billion dirhams on the Abu Dhabi Securities Market, which represents an increase in the number of public IPOs from 5 IPOs in 2022, in addition to two IPOs on the Dubai Financial Market, namely “Al Ansari Services”. Finance and Dubai Taxi.
Many local companies are proceeding with their plans to list on the Abu Dhabi Securities Market and the Dubai Financial Market in the coming years, after the markets have shown their flexibility so far in the face of global fluctuations, after the record successes of initial offerings in 2023 and 2022, in continuation of the offerings that the markets witnessed in the year 2021, which included “ Vertiglob, ADNOC Drilling, Alpha Dhabi, and Multiplay Group, as the new offerings pave the way for companies to begin their journey in the UAE markets, which is one of the most important financial markets at the regional and global levels.
ADNOC Gas
ADNOC Gas launched the train of initial public offerings in the UAE financial markets this year, after listing its shares on the Abu Dhabi Securities Market, in the largest initial public offering ever in the market, after raising total proceeds worth 9.1 billion dirhams, achieving the strongest demand ever for an IPO. An initial year in the UAE, with total demand across all segments reaching more than 450 billion dirhams, exceeding the target value by approximately 50 times.
Presite
The offering of Presight AA Holding PLC, a subsidiary of the G42 Group, whose shares were listed on the main market of the Abu Dhabi Securities Exchange, achieved total proceeds of approximately 1.82 billion dirhams, recording exceptional levels of demand from ordinary and professional investors.
The initial public offering of the company’s shares was covered 136 times in total, with the exception of the primary investor in the company represented by the International Holding Company.
Al-Ansari
The initial public offering of Al Ansari Financial Services Group, which was listed on the Dubai Financial Market, raised about 773 million dirhams through the sale of 750 million shares at 1.03 dirhams per share, making it one of the first family companies to have its shares listed in the Emirates. The first initial public offering in Dubai for the year 2023, and the public offering attracted a large demand from individual and institutional investors, with the target value exceeding the subscription level by 22 times, as the segment of individual investors exceeded 44 times, and the total demand for shares exceeded 12.7 billion dirhams.
ADNOC Logistics and Services
ADNOC Logistics and Services PLC began trading its shares on the Abu Dhabi Securities Market at the beginning of last June, after completing the historic initial public offering, which witnessed exceptional demand, making it the highest demand for a public offering in the world at the time, and the second largest listing in the Eastern region. Middle and North Africa after the IPO of ADNOC Gas, which attracted a total demand from investors of more than 460 billion dirhams.
In total, the offering exceeded the target value by 163 times, making it the highest level of exceeding the target value ever for a price construction for a public offering in the UAE.
Dubai taxi
The shares of Dubai Taxi Company were listed on the Dubai Financial Market as the second public offering and listing in 2023, after witnessing great demand from international and regional investment institutions and individual investors in the UAE, as the total demand for the IPO reached more than 150 billion dirhams, which This means exceeding the expected subscription level by 130 times.
The IPO raised proceeds of approximately 1.2 billion dirhams. This IPO is considered the largest initial public offering request on the Dubai Financial Market ever.
Stock markets in the UAE reap $91 billion in 8 months
Investcorp
Trading in Investcorp Capital Capital Services shares began on the Abu Dhabi Securities Market last November after completing its initial public offering, raising total proceeds of 1.66 billion dirhams with an implied market value of about 5.04 billion dirhams. The final offering price for the public offering is set at 2.30 dirhams per share.
Phoenix
The Abu Dhabi Securities Market witnessed the listing of the Phoenix Group at the beginning of last December, with the subscription value for the group’s initial public offering reaching $370 million. It received great interest from individual investors, as their demand exceeded by 180 times, and professional investors, who contributed to increasing the subscription. An average of 22 times.
Purehealth
The Abu Dhabi Securities Market welcomed the listing of the “PureHealth” group on the market as the sixth listing, after its initial public offering raised 3.62 billion dirhams, which exceeds 483 times the segment allocated to individual investors, and 54 times the segment allocated to professional investors.
The company confirmed the fixed price of the offering, which was set at 3.26 dirhams per ordinary share, with an offering size of 1.11 billion ordinary shares, equivalent to 10 percent of the total issued capital.
The total demand for the offering exceeded more than 265 billion dirhams.
Emirates News
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