Alizz Islamic IPO Gaining Momentum

The ongoing initial public offering (IPO) of alizz islamic bank SAOG (under formation) will close on Oct. 21, 2012.

The promoters are Huriah Company LLC, aabar Investments PJS, First Energy Oman and Tasameem Real Estate Company LLC.

The promoters have already contributed RO 61.2 million, representing 60 percent of the share capital at Bzs 102 per share. The IPO for 40 percent of the Share Capital comprises 400 million shares and is also priced at Bzs 102 per share. On completion of the IPO, alizz islamic bank will have a paid up share capital of RO 100 million.

The IPO is lead managed by Bank Muscat and has been fully underwritten by leading Omani financial institutions.

Ahmed Alkhonji of Huriah Management LLC said earlier that “the large unmet demand for Islamic banking means that alizz islamic is uniquely placed to become a market leader for banking products.”

alizz islamic also unveiled its vision “to be Oman’s leading Islamic bank that facilitates commerce and development through innovative financial solutions consistent with the principles of Islamic banking.”

Islamic banking has outstripped conventional banking growth across GCC and is now valued at $300 billion by asset value.

Saudi Gazette