DUBAI, Sept 10 Al Izz Islamic Bank, the second
sharia-compliant lender being formed in Oman, will launch an
initial public share offer (IPO) for 40 percent of the bank
later this month, Oman's regulator said in a statement on
Al Izz is the second Islamic bank to seek a stock market
listing in Oman since the sultanate reversed its position last
year as the only country in the Gulf Arab region not to permit
The bank, which counts Abu Dhabi state-fund Aabar
Investments as a founding shareholder, aims to raise 40 million
rials ($104 million) through the offer which will open on Sept.
22 and run for one month, the Omani Capital Markets Authority
In June Bank Nizwa raised 60 million rials in an
IPO that was 11 times oversubscribed. The shares have risen 3
percent since then.
Shares in Al Izz's offering will be priced at 0.1 rials each
and are open to both local and foreign investors, although the
latter can only be allocated up to 70 percent of the offering.
The offer will be managed by Bank Muscat with the
shares due to be allotted on a 60/40 split between retail and
institutional investors, although that ratio could change
according to demand.
A single institutional investor can subscribe to a maximum
of 10 percent of the overall offer, the statement added.
($1=0.3851 Omani rials)
(Reporting by David French; Editing by Greg Mahlich)