Maldives Islamic Bank (MIB) has launched Initial Public Offering (IPO) on the Maldives Stock Exchange (MSE). The IPO is expected to raise MVR 255 Million from the public by offering up to a maximum of 6,975,000 ordinary shares at a price of MVR 35.00 per share.
The IPO is scheduled to open for subscription on July 28, 2019 onwards and is expected to close on September 18. The bank is planning to raise a total of MVR 232 Million in this IPO.
At the announcement of IPO at a press conference held at Maagiri Hotel on 30th June, Managing Director and CEO of Islamic Bank, Mr Abul Ehtesham Abdul Mushaimen said “It is a great honor and privilege for us to invite the Maldivian people to become a shareholder of the Maldives Islamic Bank by participating in the Initial Public Offering that we are announcing today”.
This IPO is designed to allow the maximum general public participation. The collection agreements are made convenient for anyone wishing to participate and lot sizes are made affordable.