Money transfer giant Al Ansari Exchange has picked EFG-Hermes and Emirates NBD to work on its planned initial public offering in Dubai.
The exchange house could list in the first quarter of 2023, unnamed sources told Bloomberg, but details of the IPO could still change.
Talks of Al Ansari going public surfaced earlier this month, where initial discussions with potential advisers have reportedly been made.
“Al Ansari Exchange has been evaluating the idea of going public for some time, however no final decision has been made yet,” its chief executive officer Rashed Al Ansari said at the time.
When it happens, Al Ansari follows a spate of companies staging IPOs in Dubai and the wider Arabian Gulf. Recent IPOs in the UAE include those of TECOM Group and Union Coop. In Abu Dhabi, Borouge recently staged the biggest IPO on the Abu Dhabi Securities Exchange.
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