Maldives Islamic Bank raises US$15.8mn in IPO backed by Sri Lanka’ NDBIB

ECONOMYNEXT – Sri Lanka’s NDB Investment Bank said it had helped Maldives Investment Bank (MIB) raise 244.1 million Maldives Rufiyaa (about 15.8 million US dollars) through an initial public offering.

“The right distribution strategy was critical to the success of MIB’s IPO,” Nilendra Weerasinghe, Chief Corporate Advisory Officer of NDBIB said in as tatment.

“We achieved a record retail participation attracting over 16,000 applications from 20 atolls covering 144 islands.

“This was possible by leveraging MIB’s resources, including the branch network and ‘Infinity’, the online application portal of the Maldives Stock Exchange.”

NDBIB had earlier managed the IPO of Ooredoo Maldives PLC, a unit of Ooredoo Group, a Qatar based telecom firm.

“We look forward to raising debt and equity capital to enable growth as a part of our strategy of regional play,” Darshan Perera, CEO of NDBIB said.

MIB issued 4,500,000 new Ordinary Shares raising 157.5 million rufiyaa, while the majority shareholder, Islamic Corporation for the Development of the Private Sector, sold down another 2.475 million for 86.6 million rufiyaa.

The sale was oversubscribed 1.5 times. (Colombo/Nov27/2019)

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