Ithmaar Bank announced that it had raised close to US$ 900 million while undertaking a capital increase through a private placement and subsequently its initial public offering (“IPO”) which closed on 12 March 2006.
The issue offered to the public which included a retail tranche and a wholesale tranche both amounting to approximately US$ 235 million was oversubscribed by more than 3 times.
The Bank is satisfied with the allotment strategy it has devised as it ensured that retail investors were able to obtain full allotment for their subscription as the retail tranche would not be affected by the oversubscription in the wholesale tranche.
Details of the IPO will be announced on 26 March 2006 being the allotment date.
