Alizz Islamic Bank’s IPO Oversubscribed

alizz islamic bank announced the successful close of its initial public offering (IPO). The RO40.8 million offer was 1.14 oversubscribed. Category 1 investors who had applied for up to 100,000 shares have been allotted 100 per cent of their application amounts. Category 2 investors who had applied for more than 100,100 shares have been allotted 83.95 per cent of their application amounts. Category 2 investors have had their respective refunds processed on October 25, 2012.

The constitutive general meeting of the bank is planned to be held on November 20, 2012. Trading of the bank’s shares on the Muscat Securities Market is expected to commence by December 3, 2012.

Speaking on behalf of the Promoters of alizz islamic bank, His Highness Sayyid Taimur Bin As’ad bin Tarik Al Said, representing Huriah Company said, “The successful completion of the alizz islamic bank IPO reflects strong investor interest in Islamic banking, the strength and experience of the promoters and the conservative business plan of the Bank. The IPO is a demonstration of the progressive business environment fostered by the Government of Oman in line with the vision of His Majesty Sultan Qaboos bin Said. We would particularly like to thank the Capital Markets Authority and the Central Bank of Oman for their support and guidance.”

Times of Oman