UAE FinTech MBME will list its shares on the ADX next week
The UAE’s MBME Group is to list its shares on the growth market of the Abu Dhabi Securities Exchange next week as part of its expansion plans.
MBME, a 100 percent Emirati family business, said on Friday that it will become the first FinTech company to be listed on the UAE’s financial markets on April 17.
MBME’s platform offers payment collection and aggregation services to public and private entities, as well as private customers. The company operates more than 4,000 contact points across the UAE, serving 3.2 million customers.
The company said it “will use the proceeds from the capital increase to promote [its] global expansion and initiate horizontal and vertical integrations via product rollouts and acquisitions”.
Demand for digital payments and other FinTech services has grown during the pandemic as more people use online banking services to transfer money and pay for e-commerce transactions.
Globally, digital payments are expected to grow to $8.26 trillion by 2024, from $4.4 trillion in 2020, according to Statista.
“Going public will enable us to offer higher margins, innovative products and services to both new and existing customers in local, regional and global markets, while promoting the development of market-leading proprietary technological know-how,” Ali Aldhaheri, Chairman of MBME Group, said.
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ADX, the Arab world’s second-largest exchange with a market capitalization of about Dh2.7 trillion ($735 billion), has seen a rush of IPOs in recent years amid Abu Dhabi’s plans to boost capital markets.
Companies listed on the stock exchange last year include Borouge, Abu Dhabi Ports Group, Abu Dhabi healthcare provider Burjeel Holdings and Bayanat, a provider of geospatial data products and services owned by artificial intelligence and cloud computing company G42.
Americana, the largest restaurant operator in the Middle East and Africa, raised $1.8 billion from its IPO in November when it listed on the Abu Dhabi and Saudi stock exchanges.
This year, Adnoc Gas and Presight AI, a G42 company focused on data analytics and artificial intelligence, were listed on the ADX.
Supermarket operator Lulu and Pure Health, a unit of Abu Dhabi-listed International Holding Company, have also announced plans to list in Abu Dhabi this year.
Updated: April 14, 2023, 1:48 p.m
