Albaraka Banking Group, one of the regional leaders in Islamic retail banking, continues its preparations to launch its IPO, scheduled to be one of the largest transactions in the GCC region. It is the first time a group established more than a quarter of a century ago offers part of its shares in an IPO in the region.

The IPO comprises two stages, the first of which has been completed. A successful US$ 400 million private placement exercise in which a number of strategic investors were invited to subscribe to the IPO, including major investors from the region as well as institutional and government investors was completed in April.

The invitation was met with an overwhelming response, considering the attractive investment opportunity offered coupled with the investors’ confidence in the business of the group, its activities and the expected return on investment. Shaikh Kamel stressed that all investors in the private placement stage were major investors who have prominent positions in the financial and banking industries and in the financial markets in the countries of this region.

Shaikh Saleh Abdulla Kamel, Chairman of the ABG board, said: “The group, in coordination with the IPO financial advisor, Gulf International Bank, has completed all preparatory work for the IPO, in which shares will be offered to investors in the GCC.

“The IPO subscription process will be carried out in a smooth, fast and efficient manner reflecting high expertise, efficiency and market trust in all the parties involved in the structuring of this IPO.