Ajman Bank IPO at least 60 times oversubscribed

Investors offered at least 60 times more than the Dh550 million ($150 million) Ajman Bank was looking to raise in its initial public offering that closed on Wednesday, said a person familiar with the sale.

The person, speaking to Reuters on Sunday, declined to give details. Ajman Bank Chief Executive Officer Yousif Khalaf could not immediately be reached for comment.

Tim Harrison, a spokesman for HSBC Holdings Plc, which managed the sale, declined to comment.

The sale, the biggest IPO so far this year in the UAE, was "well" oversubscribed, Khalaf told Reuters last week.

The lender will be the UAE's seventh that complies with Islamic law, and a ban on the receipt of interest.  (Reuters)