Aman initial public offering closes
Investors have until today to apply for shares in Aman, the newly established Dubai Islamic Insurance and Re-Insurance Company. Applications for the Initial Public Offering (IPO) have being arriving in their thousands which has resulted in over-subscription by more than three times.
From November 1 the subscription period will have closed and the allotment process, which will determine how the shares are allocated, will take 30 days. An announcement on the allotment of shares will take place on November 30.
From the outset of the IPO, demand for shares in Aman saw an over-subscription in just 48 hours. Since then subscriptions for the 3.3 million shares, which comprise fifty five percent of the company's equity have been flooding in as investors seek to capitalize on the growth and development of the insurance market. — (menareport.com)
© 2002 Mena Report (www.menareport.com)