Ajman Bank says IPO is oversubscribed

Dubai: Investors offered more than the $550 million ($150 million) Ajman Bank, the UAE’s seventh Islamic lender, was looking to raise in its initial public offering that closed on Wednesday, the bank’s CEO said. « It was fully subscribed in the first week and the oversubscription came in the last three days, » chief executive Yousuf Khalaf said. The sale, the biggest UAE IPO so far this year, was « well » oversubscribed, Khalaf said, declining to say by how much. Ajman Bank plans to open its first branch in Ajman and another nine in the other emirates within two years, Khalaf said earlier this month. « Our intention is to list on the Dubai Financial Market in April, » he said. The bank offered 55 per cent of its shares, or 550 million stocks at Dh1 each, valuing the bank at Dh1 billion. HSBC Holdings advised on the sale. Source : Reuters