The offering on the Bahrain Stock Exchange will raise its paid-up capital from $600 million to $1,300 million. ‘We have three requirements for the capital – to diversify our shareholders, expand into new markets and expand our existing subsidiaries,’ says chief executive officer Adnan Ahmed Yousif.The IPO will last a month and will be open to all investors. Shares are expected to be offered at a nominal value of $1. The bank will appoint placing agents in Dubai, Kuwait, Qatar, Saudi Arabia and Malaysia, where it anticipates there will be strong investor interest. Gulf International Bankis the financial adviser on the IPO, Norton Roseis the legal adviser and Ernst & Youngis auditor. The bank also plans to stage an IPO of its subsidiaries Albaraka Bank Sudanand Albaraka Turkonce the offering in Bahrain is complete. Shares in its Egyptian and Jordanian subsidiaries are already traded on local exchanges.