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Dubai: Ajman Bank on Monday said its initial public offer (IPO) of 550 million of ordinary shares was more than 85 times over-subscribed.
More than 211,000 UAE and non-UAE investors applied for shares in the offer, submitting approximately Dh48 billion for investment.
The shares were priced at Dh1 each, with a minimum subscription of 2,000 shares. Details regarding allocation of shares will be made available in approximately two weeks following the auditing of all subscriptions received by the receiving banks.
Following completion of the offer, the bank will apply for its shares to be listed on the Dubai Financial Market, and it is expected that trading in its shares will start during the second quarter of this year.
Shaikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, said, "Investors have clearly seen the opportunity that the creation of Ajman Bank offers. The bank will play a central role in developing the commercial and economic development of Ajman as well as helping to drive the development of the UAE.
"By offering a new type of financial services offer in the market, Ajman Bank will create long term value for its investors and customers alike. We would like to take this opportunity to thank all of the investors who have participated in the offer.
Investment
"The proceeds from the IPO together with capital raised through an earlier private placement of 45 per cent of our equity, of which 25 per cent is held by the government of Ajman, will be invested in establishing our operations, which will see Ajman Bank offer retail, corporate and investment banking services in the second half of the year."
Ajman Bank will be the first Sharia bank incorporated and headquartered in the emirate of Ajman and it intends to become the favourite financial services brand in the UAE and the GCC region.
The bank's strategy is to target the rapidly expanding Sharia financial services market with innovative products and services, designed to meet customers' needs, supported with outstanding levels of customer service.
HSBC Middle East is acting as financial advisor and lead manager to the bank.
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