The initial public offering of shares in Wataniya, an Islamic insurer, has been oversubscribed by seven times amid improving appetite for share sales in the Emirates.
At the close of the initial public offering (IPO), applications for 590 million shares were received for the 82.5 million shares available. The founders of Wataniya subscribed to 45 per cent of the total share capital of Dh150 million (US$40.8m).
"The subscription levels we received is a strong indication that there is liquidity and cash available, that we are in a good market and a strong economy," said Aref al Khouri, the chairman of the founder's committee of Wataniya.
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