Applications for Amana Bank IPO top 3,000 mark

Monday, 23 December 2013 01:59 -     - {{hitsCtrl.values.hits}}

Applications for the Amana Banka IPO have crossed the 3,000 mark as of Thursday. The company in a filing to the CSE announced that by 4:30 p.m. on 19 December there had been 3,300 applications received, requesting 192.652 million shares worth Rs. 1.348 billion. Judging by latest disclosure, the Amana Bank IPO is just short of Rs. 152 million from being oversubscribed. The bank, which is expected to be listed on the Diri Savi Board, is issuing 214,300,000 new ordinary shares at Rs. 7 per share with an option of issuing a further 71,500,000 new ordinary shares. Total value of the IPO including the option is Rs. 2 billion. The first milestone of Rs. 1 billion was achieved on the official opening day itself on 11 December. As of 12 December the IPO had drawn 2,254 applications requesting for 155.5 million shares worth Rs. 1.088 billion. The issue closes on 2 January or earlier if oversubscribed. Amana Bank’s IPO is the first from the banking sector in over two years.