Al Izz IPO covered 1.15 times
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Al Izz IPO covered 1.15 times

Al Izz IPO covered 1.15 times

Oman's second Shari'ah-compliant lender, Al Izz Islamic Bank, has attracted bids worth OR46m ($119.5m) for its initial public share offer, 1.15 times the sum which it was raising, Reuters has reported, citing unnamed sources. Al Izz looked to raise OR40m ($104m) by selling 40% of its capital through a month-long initial public offering, which ended on October 21 and was managed by Bank Muscat. The bank, which counts Abu Dhabi state-fund Aabar Investments as a founding shareholder, will be listed on the Muscat Securities Market on December 3, the source said.

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