The new financial institution, which got the central bank’s
nod in September, will have a capital of 100 million rials ($259.7 million) and
expects to begin operations after the IPO issue.
“The IPO of Izz International Bank will raise 40 percent of
the capital and the rest will be raised by the local shareholders,” the
spokesman told Reuters.
Al Izz will be the seventh locally incorporated bank to
trade in the local bourse and so far the only IPO sale planned for next year.
Bank Muscat is currently the largest lender in the country by market value.
Nawras Telecommunications Co, part of Qatar’s Qtel, is the
only IPO issue this year. In a separate statement on Sunday, Nawras said its
IPO was fully subscribed and the shares would list on the Muscat bourse in
early November.
