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The initial public offering (IPO) of shares in sharia-compliant Al-Salam Bank Bahrain closed on 19 February more than 63 times oversubscribed. The IPO increased the bank’s paid-up capital by BD 42 million ($111.4 million), making it the largest IPO in Bahrain in terms of capital raised in the last 10 years and also the largest in terms of subscription. Shares are expected to list on the Bahrain Stock Exchange at the end of April and in the UAE by the end of 2006.