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Omani bank attracts $1.77bn in IPO

Oman's first Islamic lender, Bank Nizwa has attracted OR681m ($1.77bn) of bids in its initial public offer of shares, 11 times the sum which it was raising, Reuters has reported. Bank Nizwa raised OR60m by selling 40% of its capital. The bank will be listed on the Muscat Securities Market on June 12, the lead manager for the IPO, Oman Arab Bank, said.