International law firm Trowers & Hamlins has advised Oman’s first Islamic bank Bank Nizwa on its initial public offering (IPO).
The company, which offered 40 percent of its founding share capital, attracted 681 million rials ($1.77 billion) in bids during its initial public offering; 11 times the sum it planned to raise, signalling strong interest from investors. Bank Nizwa was Oman’s second-largest IPO, and the largest IPO of a financial institution in the sultanate.
The Trowers & Hamlins team was led by Oman partner Edward Rose, and was supported by senior associate Kate Marshall from the same location.
“This is a significant evolution in banking practices within the sultanate,” said Rose. “With no IPO of a start-up company in Oman for several years, investors were clearly keen to purchase shares in the country's first Islamic bank. The set up of Bank Nizwa and the potential for more Islamic banking entities to be formed may also inject further liquidity into the Omani banking market and wider economy.”
Bank Nizwa was the first IPO in Oman this year. The country's market regulator has said it expects three to four new listings in 2012.
Shaheen Pasha is Middle East Regional Editor at ALB. Follow us on Twitter: @ALB_TheBrief.
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