The initial public offering (IPO) of a 25 per cent stake in Sudan's Al-Salam Bankclosed 65 per cent oversubscribed on 22 November. A total of $31 million was bid against the $18.8 million worth of shares tendered. It is understood that the deal will not be upsized and that founding shareholders will cover the remaining $56.3 million of start-up capital. Al-Salam Bank will be a sharia-compliant bank and, when fully paid in, its capital base of $75 million will be the largest of any bank operating in Sudan (MEED 30:7:04).