May 27 2012 |
more articles from
|
Bank Nizwa IPO draws record subscription
MUSCAT -- Investment Management Group of Oman Arab Bank SAOC ( OAB ), Lead Issue Manager and Lead Underwriting Arranger for Bank Nizwa IPO, yesterday released the eagerly-awaited subscription figures for the Bank Nizwa IPO surpassing investment community guesses. The initial compilation of figures of all four 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.Lo'ai B Bataineh Head of OAB 's 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". The public subscription started on April 23 and ended on May 22.
Bataineh added that during the subscription the issue received huge response from both retail and corporate sectors including both new and existing equity market participants.
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 adviser, underwriters, and media team, in making this issue a resounding success.
He thanked the continuous support provided by the Founding Committee of Bank Nizwa, the new management, especially Dr Jamil El Jaroudi, CEO of Bank Nizwa, and most importantly by Capital Market Authority and Central Bank of Oman.
© Copyright Zawya. All Rights Reserved.
Post Your Comment