MUSCAT Nov 1 Oman's Al Izz Islamic Bank, the
sultanate's second Islamic bank, attracted bids worth 46 million
rials ($119.5 million) for its initial public share offer, 1.15
times the sum which it was raising, a source close to the
offering said on Thursday.
The bank, which counts Abu Dhabi state-fund Aabar
Investments as a founding shareholder, will be listed on the
Muscat Securities Market on December 3, the source said.
Al Izz looked to raise 40 million rials ($104 million) by
selling 40 percent of its capital through a month-long initial
public offering, which ended on October 21 and was managed by
The Omani Capital Markets Authority is expected to
officially announce the IPO result next week on its website.
Oman reversed its prohibition on Islamic finance last year
and now intends to develop the industry, seeing economic and
political benefits. Al Izz is not yet operational and has only a
representative office; it plans to open a branch after the
listing of its shares.
Oman's first Islamic bank, Bank Nizwa, raised 60
million rials by selling 40 percent of its capital in May this
year. Its IPO was 11 times oversubscribed but the bank's shares
are currently trading only 4 percent above their 0.1 rials offer
($1 = 0.3851 Omani rials)
(Reporting by Saleh al-Shaibany; Editing by David French)