Maldives Islamic Bank (MIB) revealed that over 16,000 investors applied to purchase dividends through their Initial Public Offering (IPO) by the time window for applications closed.

MIB revealed that by the time deadline expired for the offering, a total of 16,146 investors had submitted 17,713 applications.

The subscription value of these applications reaches MVR 356,533,100 which is an over-subscription of 46 percent, revealed the bank.

While the excess is by MVR 112,408,100, IPOs usually come with MVR 244,125,000 for 6,975,000 ordinary shares.

Further, MIB’s Board of Directors have reached a decision on a basis through which applicants will be prioritized, under the company’s set prospectus.

Having reached a settlement, the bank revealed that they have approved shares for all 16,146 investors.

The bank went on to reveal that investors who do not receive complete shares due to various issues which mainly revolve around over-subscription, will be reimbursed completely by Monday, where refund money will be deposited to the bank accounts provided on application forms.

Further, MIB revealed that those who have been allocated shares will receive them by 6 November, along with a notice of deposit with details of the shares that have been allocated to them.

The local bank opened opportunity for interested individuals to purchase dividends through their infinity portal on 28 July after registering at the Maldives Stock Exchange and submitted to price dividends to the public from the MVR 244 million, set.

Out of the total, MIB has a MVR 157 million share, Islamic Corporation of the Development of Private Secretary has a MVR 87 million share and a total of MVR 6,975,000 for public dividends. This is 31 percent of the bank’s overall share.