Jordan Investment Trust PLC (Jordinvest) successfully completed the IPO of Al Ihadathiat Real Estate public shareholding company. The initial agreement stipulated that Jordinvest will manage the Al Ihdathiat’s IPO to reach its authorized capital of JD3 million. The partnership concluded with the total subscription of JD 8,980,838 with the IPO oversubscribing by 5.2 times its original aim.
Mr. Ahmad Tantash, Vice Chairman/CEO of Jordinvest proclaimed, “It is no surprise Al Ihdathiat’s IPO was a success as it is a company with strong ambitions and a clear vision. It has been a privilege to work alongside Al Ihdathiat, a company that will certainly outgrow its own potential and set the standard for the real estate industry in Jordan.”
Al Ihdathiat issued 1.738 million shares at par value of JD1 per share with 58% of its JD3 million authorized capital offered in the IPO. The initial public offering started on 5/12/2005 and lasted for the duration of five days.
Mr. Amjad Bakri, Chairman of the Founders Committee for Al Ihdathiat said, "The recently announced results pertaining to the IPO involved both Jordinvest and Cairo Amman Bank. Al Ihdathiat is currently scheduled to conduct a meeting with the general council discussing upcoming developments after all necessary procedures for the IPO is completed. The company will then resume its operations in the real-estate sector aiming to be a significant company in the market and the Jordanian economy at large."
Mr. Ahmad Tantash further stated, “Jordinvest’s experienced team and strong portfolio played a key role in the outstanding success of the IPO and we will continue launching motivated companies into the Jordanian market to further develop the competitive environment and the Jordanian economy. Only through strong ethics, durable client relations and exceptional understanding of the Jordanian market can any company present such exceptional results.”
Mr. Hani Al Ali, Jordinvest’s Executive Vice Present/Corporate Finance confirmed, “This IPO is a milestone for Jordinvest, Jordan’s real estate sector and economy as the real estate industry boom is setting off with strong competition permitting a healthy environment for the economic development of this thriving Kingdom. The original agreement was for Jordinvest to provide financial advisory services and to manage the initial public offering and the outcome is a solid statement of Jordinvest’s effective financial advisory services.
