May 27 2012
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Bank Nizwa IPO attracts Record Subscription
The initial compilation of figures of all 4 collecting banks show over 11.3 times subscription i.e. over RO 681 million (subject to reconciliation) collected against an offer of RO 60 million through 37,084 applications.
Mr. Lo'ai B. Bataineh Head of Management Group of Oman Arab Bank SAOC said that this sets the stage for the first Islamic Bank of the Sultanate to make a flying start and Oman Arab Bank is proud to be part of this. We are happy that our efforts for a broad base participation have borne fruits. This makes the Muscat Securities Market very newsworthy across the region and worldwide. Recently IPOs in the region have been few and far between and MSM now appears a very active market considering the subscription levels for Bank Nizwa. This also bodes well for the capital market in general and investment community in particular.
Mr. Bataineh commended the efforts of his team at Investment Management Group and from Oman Arab Bank who worked diligently towards the success of this IPO. He also praised the hard work put in by other collecting banks, legal advisor, underwriters, and media team, in making this issue a resounding success.
© Press Release 2012
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