Al Ansari Exchange has picked EFG-Hermes and Emirates NBD Bank PJSC to lead its planned Dubai initial public offering(IPO), according to experts on the matter.
The United Arab Emirates-based money-exchange firm could list in the first quarter of 2023, the people said, asking not to be identified as the information isn’t public. Preparations for the IPO are ongoing and details such as timing could still change, they said.
Representatives for Al Ansari, Emirates NBD and EFG-Hermes declined to comment.
The Gulf region remains a bright spot for IPOs with a growing pipeline of potential listings despite a handful of lackluster trading debuts in recent months.
After being among the world’s best performers at the start of the year, the region’s main equity indexes have since given up many of their gains. The last two listings in Dubai — supermarket operator Union Coop and property firm Tecom Group — tumbled on their first trading days.
Al Ansari Exchange was started 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 plans, according to its official website.