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Article: Bank IPO success.
- Article from:
- Gulf Daily News (Manama, Bahrain)
- Article date:
- November 9, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MANAMA: Bahrain-based Al Baraka Banking Group has announced that the IPO of its Syrian unit was more than four times oversubscribed.
The unit had received subscriptions of 7.67 billion Syrian lira ($167 million) when it closed on November 4.
The number of shares on offer was 3.5m with a total value of 1.750bn lira ($35m) at the value of 500 lira per share, representing 35pc of the units share capital of $100m.
The IPO netted total subscriptions of 7.670bn lira or 4.4 times the amount offered for subscription. A large number of Syrian nationals as well as private and public institutions and companies took part in the IPO.
"We are very ...