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Amãna Bank IPO Tops Rs. 1 Billion in Subscriptions on Opening Day

Amãna Bank December 12, 2013

Amãna Bank’s IPO crossed Rs. 1 Billion in subscriptions on the opening day with over 1,700 applications being received by last evening. Speaking on the success of the issue so far, the Bank’s Chairman Mr Osman Kassim said “I am delighted at the response we have received despite sluggish market conditions that have resulted in this IPO being only the 2nd for the year and also seeing a host of debentures drawing liquidity off the market. This reflects the trust and confidence the investing public has on our Bank and its potential for growth.”

The Bank’s Managing Director and CEO Mr Faizal Salieh said “It is encouraging to see that our equity issue has surpassed the Rs. 1 Billion mark on the first day. Having successfully raised Rs. 785 Million through a rights issue at the same price of Rs 7 per share in the first half of 2013, the success of the IPO so far in topping the Rs. 1 Billion mark is evidence of market confidence in the Bank. We see applications coming in from several first-time investors as well.”

The Amãna Bank IPO is the first Banking IPO since February 2011. The Bank which is expected to be listed on the Diri Savi Board is issuing 214,300,000 new Ordinary Shares at Rs. 7 per share with an option of issuing a further 71,500,000 new Ordinary Shares. The Managers to the Issue are Acuity Partners (Pvt) Limited, while S S P Corporate Services (Pvt) Limited are the Registrars to the issue.

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