The Initial Public Offering (IPO) of alizz islamic bank SAOG (under formation) is now open for subscription. The offer will close on 21 October 2012.
alizz islamic bank is promoted by Huriah Company LLC, aabar Investments PJS, First Energy Oman and Tasameem Real Estate Company LLC.
The promoters have contributed RO 61.2 million, representing 60 per cent of the share capital at Bzs 102 per share. The IPO for 40 per cent 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.
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