Leading international law firm Clifford Chance has acted as international issuer’s counsel to Al Ansari Financial Services on its highly successful initial public offering (IPO) and listing on the Dubai Financial Market (DFM).
Established in 1966, Al Ansari has more than 200 branches in the UAE, making it one of the largest exchange companies in the country, as well as one of the first family-owned businesses in the UAE to go public. A total of 750,000,000 shares, equivalent to 10% of the Group’s issued share capital, will be admitted for trading onto the DFM on 6 April 2023. Following the completion of the IPO, Al Ansari Holding will continue to own 90% of the Group’s issued share capital.
A cross-border team advised on the transaction, jointly led by Dubai-based partner and head of the Middle East ECM practice, Mike Taylor, and London-based ECM partner, Chris Roe, who were supported by US securities partner John Connolly (London), corporate/regulatory partner Jack Hardman (Dubai), senior associates Rezwan Azam (Dubai), Anjaneya Das (London), Drew Rundus (London), associates Massimiliano Valli (Dubai), Kelly Frevele (London) and Radhika Sharma (London), and trainee solicitor Tehzeeb Bukhari (London).
