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Ithmaar Bank, the local subsidiary of Swiss-based Dar al-Maal al-Islami Group (DMI), plans to stage an initial public offering (IPO) of 150 million shares on the Bahrain Stock Exchange in early 2006. Its sister company Shamil Bankwill act as the lead manager for the IPO, and financial adviser along with KPMG. Ithmaar, which raised its paid-up capital to $200 million from $150 million after a private placement of shares, plans to relaunch as Bahrain Shareholding Company.