Dubai – Mubasher: Union National Bank (UNB) said Orient UNB Takaful’s IPO (initial public offering) was oversubscribed by more than 13 times, according to a statement.
UNB was the sole lead manager and lead receiving bank for Orient UNB Takaful’s IPO (under incorporation).
Orient UNB Takaful launched IPO of 600,000 ordinary shares, with a share price of AED 100 plus AED 1 as issuing expenses, representing 30% of the new company's equity (AED 60 million),
UNB informed Securities and Commodities Authority (SCA) that AED 826 million was collected from IPO subscribers, following the IPO closure.
The lead manager refunded on 20 December 2016the excess money to subscribers.
