Bank Audi Syria closed its Initial Public Offering (IPO), with the issue being oversubscribed by almost ten times. The Central Bank of Syria announced that subscriptions reached SYP 6.177bn (USD 118.3mn) or 988% of
the SYP 625mn offered value.
Bank Audi's chairman, Raymond Audi said that the significant oversubscription reflects the investors' confidence in the institution. Only Syrian nationals were eligible to participate in the IPO. According to the original target, IPO shares would comprise 25% of the bank's capital.
Earlier, Syrian businessmen were allowed to purchase 26% of the shares privately.
The Audi-Saradar Group owns 47% of shares in the bank. Bank Audi is the latest Lebanese bank to commence operations in Syria, following the footsteps of BLOM and BEMO banks. Syrian President Bashar Assad allowed private banks to begin operations in Syria in 2003, 40 years after the sector was nationalised by the Baath party.