Monday, January 16, 2006

Qatar’s Al Rayan Bank’s IPO opens for subscription.

Source: IntelliNews - Middle East and North Africa Today

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Qatar’s Al Rayan Bank’s IPO opens for subscription. Qatari daily The Peninsula reported that the initial public offering (IPO) of Al Rayan Bank opened yesterday. The IPO is expected to be to be the largest for any Islamic bank in the Middle East . The IPO will remain open until January 29. Al Rayan Bank is proposing a capital of QAR 5bn (USD 1.4bn). The bank plans to have 45% of the capital to be held by promoters and has offered 55% of the capital to investors. Of the promoters’ equity, Qatari investors will retain 25% whereas investors from other GCC states will hold 20%.

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Qatar’s Al Rayan Bank’s IPO opens for subscription.

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