NDBIB records success in IPO in Maldives
NDB Investment Bank ( NDBIB), acting as the Sole Financial Advisor and Manager, successfully completed the Initial Public Offering ( IPO) of Maldives Islamic Bank PLC (MIB), the only fully fledged Islamic Bank in the archipelago.
MIB’s IPO, whilst raising MVR 244.1 million, was NDBIB’s second successful IPO in the Maldives and further elevated the investment bank as the only Sri Lankan advisor to have executed an IPO on foreign soil. The IPO was oversubscribed by 1.5 times and the shares of MIB began trading on the Maldivian Stock Exchange after a gala bell ringing ceremony on November 17, NDBIB said in a media release.
The IPO was ceremonially launched on July 28 and closed on September 22 at the expiry of the offer period stipulated by Maldivian regulations with strong institutional and retail participation.
Darshan Perera, CEO of NDBIB, expressing his thoughts on the success of the IPO, stated, “The MIB
IPO reflects our commitment to delivering value to customers. Keeping true to our promise, we have delivered exceptional results and made history in the capital markets of the Maldives. We look forward to raising debt and equity capital to enable growth as a part of our strategy of regional play.”
The IPO of MIB is the second such transaction managed by NDBIB in the Maldives subsequent to that of Ooredoo Maldives PLC, a subsidiary of Ooredoo Group, Qatar based global telco.