Jordanian real estate offering soars

29 November 2007
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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