The initial public offering (IPO) of Bank Nizwa, Oman's first Islamic bank, closed on Tuesday to an 'excellent response' from investors. The bank floated 600mn ordinary shares at an offer price of 102bz per share, which was open for subscription from April 23.
According to Jamil el Jaroudi, chief executive officer, "We are really thankful to the investment community in Oman, GCC and other parts of the globe, for their tremendous response and the confidence they have placed in us.
This is a proud day for Bank Nizwa and we are committed to uphold the trust placed in us by our valued shareholders."
Oman Arab Bank - Investment Management Group (OAB-IMG), the issue manager, is also very enthused by the response.
The head of OAB-IMG, Lo'ai Badie Bataineh, said, "We have received excellent response from both retail and institutional investors. We will collate the final subscription data of the offer in the coming few days from the collection banks and report to the Capital Market Authority (CMA). Thereafter, the allotment process, refunds and listing will hopefully be completed as provided in the offer documents."
© Muscat Daily 2012
