The initial public offering (IPO) of shares in Jordan’s Damac Real Estate Development company has closed 72 times oversubscribed.
The offering raised JD 1.5m ($2.1m) but demand for shares totalled JD 90m ($127m). The reimbursement of subscriptions will be completed by 12 December.
A second IPO in the kingdom, that of shares in Royal Jordanian, is also expected to see strong investor demand. It will close on 7 December and raise $286m if sold at the top of the price range.
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