Shares in UAE-based currency exchange company Al Ansari Financial Services climbed 16.5% above its listing price on its market debut after raising $210.5 million in an initial public offering (IPO) for 10% of the business.
The shares traded at 1.2 dirhams as the Dubai market opened on Thursday, against an IPO price near the top of the indicative range at 1.03 a share.
Al Ansari is one of the first family-owned businesses to go public in the United Arab Emirates. Family businesses account for about 60% of gross domestic product in the Gulf and employ about 80% of the workforce, KPMG said in a report in October.
UAE’s National Bonds Corp, owned by the sovereign wealth fund Investment Corporation of Dubai, committed 200 million dirhams as a cornerstone investor in the public share sale.
Books were covered shortly after opening on March 16, according to a note to investors seen by Reuters, despite a global market sell-off on concern over the financial health of Credit Suisse.
Companies from the Middle East raised $21.9 billion through IPOs in 2022, more than half the total for the wider Europe, Middle East and Africa region, Dealogic data shows.