Deyaar IPO up to 10 times oversubscribed

by Reuters Wednesday, 16 May 2007

An initial public offering of Dubai Islamic Bank's property arm Deyaar was between five and 10 times subscribed by Tuesday evening, Deyaar's chief executive said on Wednesday.

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Dubai Islamic Bank is seeking to raise 3.18 billion dirhams ($866 million) selling shares in Deyaar in the Gulf's fourth-largest initial public offering, which closes on Wednesday.
"Both the retail and institutional tranches are fully subscribed by a few multiples," Zack Shahin told Reuters. "We're less than 10 at this stage but definitely more than five."



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