The greatest initial public offering (IPO) in the Middle East announced by Bahrain-based Albaraka Banking Group (ABG) has fetched 100 percent capital earmarked by the bank at this stage of fund-raising.
A top official at the ABG said in a statement that the overwhelming response from the financial institutions from across the region had helped the bank to achieve its target for increase in the new paid-up capital.
Sheikh Saleh Abdullah Kamel, the chairman of the Board of Directors of the ABG said that the total amount received in subscriptions from the IPO was 1.36 times the new capital sought to be raised.
The ABG IPO was opened on May 27 and offered for public subscription 188.9 million shares of which 120 were new shares for its capital increase at a price of $3.08 per share. The IPO was concluded on June 15.-PR