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Amanat IPO sees massive reception in first days

Amanat IPO sees massive reception in first days
The initial public offering (IPO) of Amanat Company, a public joint stock company under establishment, has exceeded expectations, following massive demand during the first few days of the offering, according to Amanat’s Board Chairman Faisal bin Gomaa Behloul, who said that he expects demand to increase in the coming few days particularly from the institutional tranche, reported Al Etihad newspaper.

Banking sources close to the IPO have revealed that preliminary indices indicate that the IPO was oversubscribed during the first few days. Amanat is offering 1.375 billion shares, representing 55% of the Company’s stocks, at par value of AED one per share, added to issuance fees of AED 0.02 per share.

Amanat plans to announce its first two acquisitions in the UAE and Saudi markets, three months after listing on the Dubai Financial market, on November 29, 2014, Behloul stated, adding that the sector in which Amanat operates is one of the most profitable and stable investment sectors, added to having a high rate of growth and the least in risks.

Amanat’s IPO is the first in the healthcare and education sector in the region, the chairman highlighted, adding that during the first three days, the IPO saw massive demand, which is contrary to the norm and which exceeded all expectations.