Dubai: Dubai’s Al Ansari Exchange is considering an initial public offering early next year, in a sign that companies are pushing ahead with plans to go public despite a recent dip in investor appetite.
The UAE-based money-exchange firm held initial talks with potential advisers about the Dubai listing that may happen in the first quarter of 2023.
“Al Ansari Exchange has been evaluating the idea of going public for some time, however no final decision has been made yet,” CEO Rashed Al Ansari said in response to a request for comment. “The company will monitor the market and “make an announcement accordingly.”
The Gulf region has largely been a standout market for IPOs during the first-half of 2022. High oil prices have contributed to a flurry of share sales and significant equity inflows, in sharp contrast to most other global markets where listings have slowed to a trickle due to soaring inflation and concerns about a potential economic recession.
Al Ansari Exchange was set up almost 60 years ago and currently has over 200 branches in the UAE, making it one of the largest exchange companies in the country. In addition to exchange services it offers remittances, services for paying domestic workers and savings schemes, according to its website.