Amlak Jordan IPO 11 times oversubscribed

Subscription in the initial public offering of Amlak Finance Jordan reached JOD145.61 million (Dh752m) and covered almost 11 times the IPO's value of JOD13.75 million (Dh70m), the lead manager said.

The company, also known as Amlak Jordan, offered 13.75 million shares at a par value of JOD1 each in the IPO that opened May 19 and closed June 1, lead manager Jordan Investment Trust, or Jordinvest, said in a statement. The IPO represented 25 per cent of the capital of Amlak Jordan, which was previously known as Inwan Investment.

"Subscription refunds will be returned to subscribers at all Jordan Kuwait Bank branches in Jordan starting Tuesday, June 10," according to the statement. Amlak Jordan is the first public shareholding company in the country to provide Shariah-compliant mortgage financing services to the housing and the real estate development sectors, Jordinvest said.

Ahmad Tantash, Jordinvest Chairman, said, "Our co-operation with Amlak was a unique experience that showcased the efforts of our team and culminated today in results exceeding all expectations."

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