Middle East Economic Survey
QNBS IPO Oversubscribed
Qatar National Bank-Syria (QNBS), a private Syrian-Qatari bank owned 49% by Qatar National Bank (QNB), announced on 15 August that its initial public offering (IPO) for 34% of the banks equity (or 3.4mn shares) launched on 12 July was oversubscribed (MEES, 13 July). The IPO, consisting of 3.4mn shares priced at S500mn ($12.6), was intended to raise S1.7bn ($36.8mn), but ended up raising S4.56bn ($98.7mn). In...