Jordinvest Successfully Completes the IPO of DAMAC Real Estate Development
§ IPO Oversubscribed by 72.203 Times
§ Total subscription amount JD 90,253,595
Amman, Jordan (November 2007) – Jordan Investment Trust PLC (Jordinvest) announced the successful completion of the initial public offering of Damac Real Estate Development public shareholding company. The public offering concluded with the total subscription of JD 90,253,595. Thus being oversubscribed by 72.203 times.
Damac issued 1,250,000 shares at par value of JD1 per share. The Initial public offering began on 22 October 2007 and lasted for 21 days.
The subscribers reimbursement process started on the 25th of November 2007 and will last for 14 days till the 12th of December 2007 at the Jordan Kuwait bank branches in Jordan; re-imbursement after the 12th of December 2007 will be through Jordinvest.
Mr. Ahmad Tantash, Chairman and CEO of Jordinvest commented, “We are very proud of this partnership. It is no surprise that DAMAC’s IPO was a success as it is a company with strong ambitions and a clear vision. Furthermore, we would like to thank the Jordan Kuwait Bank for all their efforts in welcoming the subscribers and facilitating the subscription process.”
Mr. Tantash, further stated, “This has been a great experience that will support our track record of accomplishment in managing IPOs in the Jordanian market.