DUBAI — Receiving banks in Bahrain and the UAE as well as distributing and marketing agencies for Saudi Arabia, Oman and Kuwait who are managing the process of subscription for the IPO in Nass Corporation B.S.C. — which opens over the next 4 days — are reporting strong levels of interest in the BD30 million issue, the largest IPO to take place in Bahrain in the last eight years.
HSBC's branches in Bahrain and selected Emirates Financial Services (EFS) branches in Dubai and Abu Dhabi have reported a high level of enquiries from people of many nationalities.
"The interesting thing about the Nass Corporation IPO is that it's open to all nationalities, which is generating quite a lot of interest," said Hisham S. Al Saie, head of corporate finance at Securities and Investment Company B.S.C(c) (SICO), the IPO lead manager, at a press conference held in Bahrain yesterday.
"The fact that Nass is the first of Bahrain's family-owned firms to go public, coupled with the current boom in the construction sector are also adding to levels of interest, we believe," added Al-Saie.
Twenty five per cent of shares in Nass Corporation are available through the IPO process, which starts at 8am on Sunday, October 9 and will see the company listed on the Bahrain Stock Exchange (BSE) on 22 November 2005. The Nass Corporation founding shareholders will retain a majority stake in the corporation, which already completed a private placement of 24 per cent of shares with GCC strategic investors in June this year.
Investors of all nationalities will be able to apply for a minimum of 1,000 shares from the Manama, Adliya and Muharraq branches of HSBC and the office of Registrar, KPMG-Shares Registrar Department, Al-Hedaya Building, Government Avenue. The same can be obtained from selected Emirates Financial Services branches in Dubai and Abu Dhabi. Copies of the IPO Prospectus will be available at the offices of the receiving banks, the registrar, and at www.sico-bahrain.com beginning on 9 October 2005.