Amana Bank IPO: Applications top 2,000 mark

Tuesday, 17 December 2013 02:24 - - {{hitsCtrl.values.hits}}

The Amana Bank Initial Public Offering (IPO), has crossed the 2,000 applications mark by 12 December. Being the first fully-fledged banking sector IPO in over two years, Amana Bank’s Rs. 1.5 billion issue has by Thursday raised Rs. 1.088 billion via 2,254 applications requesting for 155.5 million shares. The first milestone of Rs. 1 billion was achieved on the official opening day itself on Wednesday. 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 issue closes on 2 January or earlier if oversubscribed. In the first half of this year, Amana Bank raised Rs. 785 million through a rights issue at the same price of Rs. 7 per share. The Managers to the Issue are Acuity Partners Ltd., while SSP Corporate Services Ltd. is the Registrars to the issue.

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