Maldives Islamic Bank launches IPO
The country’s first Sharia-compliant bank offered nearly seven million shares.
28 Jul 2019, 9:00 AM
The Maldives Islamic Bank has launched its Initial Public Offering on the Maldives Stock Exchange with the aim of raising MVR244 million (US$15.8 million), offering a 31 percent stake for public ownership.
The IPO opened for subscription on Sunday with a closing date of September 18.
The MIB, the country’s first Sharia-compliant bank, is offering 6,975,000 shares at a price of MVR35 per share, including 4.5 million ordinary shares offered for subscription and 2.4 million offered for sale by the founding shareholder.
According to the bank, buyers must subscribe to a minimum of 20 shares, which is equivalent to MVR700. Subscriptions exceeding the minimum amount must be in multiples of 10 shares.
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