An initial public offering for Jordan's Taameer, the kingdom's largest property firm, was oversubscribed 14 times and raised over $1 billion, the founders said Saturday. Subscriptions amounted to more than 760.5 million dinars ($1.072bn), they said.
The company was set up earlier this year by a group of local businessmen, funds and Arab Gulf investors with 212 million dinars of capital.
Taameer will bring under its umbrella two private property firms that had already begun developing several projects, including Andalucia, a luxury residential compound on the outskirts of the capital at a cost of JD160 million.
