BankIslami IPO oversubscribed

KARACHI: The initial public offering of BankIslami Ehad Sukuk has been successfully closed, a statement said on Tuesday.

Despite the ongoing COVID–19 pandemic, significant interest was received from both the institutional and retail investors with Rs320.6 million subscriptions received against the IPO size of Rs300 million through 127 applications, ensued into an oversubscription of 1.07 times, it added. BankIslami Ehad Sukuk is the first-ever listed Modaraba Sukuk of Additional Tier 1 nature.

The confidence shown by the investors in BankIslami, as well as in Islamic banking, particularly in these uncertain times was overwhelming.

The total Sukuk issue is of Rs2 billion, which has been subscribed by a large and diversified investor base of 199 investors; it will help stirring trading activity in the listed Islamic Sukuk market of Pakistan.