Bahrain International Bank (BIB) says that the strong response to its Muscat Special IPO (initial public offering) Fund will encourage the bank to offer similar funds in the future. ‘There are a number of fast-emerging attractive opportunities,’ BIB’s corporate finance director David Knights said in a statement issued by the bank. The statement gave no more details, however.
The Muscat fund, which was launched in conjunction with Bank Muscat Al-Ahli Al-Omani, closed 40 per cent oversubscribed. The closed-end facility will raise $25 million but attracted interest worth about $35 million. BIB said that the 18-month term was a popular aspect of the fund and that there was a strong response from Gulf investors. The fund is underwritten by Kuwait Investment Company.