The much-awaited initial public offering of Oman’s first Islamic bank - Bank Nizwa - will open for subscription on April 23. The bank is offering 600 million shares, with a par value of 102 baisas each, including two baisas for meeting issue expenses. The IPO, which is available for both Omanis and expatriates, is open for subscription for one month until May 22.
The promoters, who have submitted issue prospectus with the Capital Market Authority (CMA), have received an approval from the market watchdog.
As much as 60 per cent of the share offer is reserved for those investors who apply for 100,000 shares or less. And the remaining 40 per cent are reserved for institutional investors or high net worth individuals who apply for more than 100,000 shares. This is aimed at strengthening the participation of retail investors. The shares are expected to be listed on the Muscat Securities Market (after allotment) on either June 6 or 7.
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