Amana Bank closes IPO after oversubscription

Monday, 30 December 2013 01:19 -     - {{hitsCtrl.values.hits}}

Amana Bank Ltd., last week closed its Initial Public Offering (IPO) following the oversubscription of its initial amount of Rs. 1.5 billion. Being the first banking sector IPO in over two years, Amana Bank was successful in drawing 3,781 applications requesting for shares worth Rs. 1.67 billion. The relatively high number of applications reflects retail participation which analysts have welcomed. The bank, which is expected to be listed on the Diri Savi Board, made available 214,300,000 new ordinary shares at Rs. 7 each (worth Rs. 1.5 b) with an option of issuing a further 71,500,000 new ordinary shares (worth Rs. 500 m). Total value of the IPO including the option was Rs. 2 billion.