Bank Nizwa, Oman’s first Islamic bank, is likely to launch a RO60m (US$155m) initial public offering (IPO) in April, it was reported on Monday.
Sources at the bank told The Times of Oman newspaper the lender will offer 40 percent capital as part of the IPO, which will be managed by Oman Arab Bank and will be unveiled for subscription for one month.
While the Capital Market Authority (CMA) said that the bank had not yet filed any paperwork, there was still time for it to do so in order to launch an IPO in April.
“We haven’t received anything from them. However, if the bank fulfills the requirements, there will not be any problem for them to come out with an IPO next month,” a CMA source was quoted as saying.
Islamic rival Al Izz Bank International is also planning an IPO and the CMA confirmed a draft prospectus had already been received. Al Izz Bank International is planning to float a RO40m IPO, which will be managed by BankMuscat.