al khaliji

• Over 86,000 Qatari investors participate in last month's IPO
• Offer is over two times oversubscribed at QAR 1.37bn
• Application cap and prorata system for allocation of shares mark a new responsible approach to raising capital in the region

Al Khaliji, the new Doha based bank, today sets a new level of transparency in the region’s markets with the allocation of shares following last month's highly successful Initial Public Offering (IPO).

The IPO, which closed on the 29 th April, attracted 86,547 Qatari investors, who applied for shares worth QAR 1.37bn – leaving the offer 2.28 times oversubscribed.

The offer, for 120 million shares, or 17% of the bank's authorised capital, was worth an initial QAR 600m, paid at 50%.

Seeking to take a fair approach to the widest number of potential investors, the number of shares each individual could apply for was limited to 5,000 in order to give as many investors as possible the opportunity to participate in the offer.

This responsible approach to the offer also characterises the fair allocation of shares, 70% of which are being allocated across the board and 30% of which are being distributed on a 'prorata' basis.

This means that investors who applied for between 500 shares and 1000 shares will receive their full allocation. Those who applied for between 2,000 and 5,000 shares are being allocated between 1,220 shares and 1,880 shares respectively.

Al Khaliji's chairman, Mr Tariq Al Malki, commented:

"The publication of the breakdown of the shareallocation is a first in the local market and underlines Al Khaliji's commitment to financial transparency and its responsible approach to raising capital in the market.

"It is important to note that everyone – especially the small investor – has received shares and noone has been left disappointed. We intend to maintain this high level of investor relations with the prompt reimbursement for shares not allotted to individuals and through the ongoing communication of developments at the bank as we move towards the launch of our services by the end of the year."

Mr David Proctor, head of Al Khaliji's executive team added:

"When we embarked on this IPO, we set out not just to raise capital, but to set a new benchmark for fairness towards individuals and responsibility towards capitalraising in the market. This is why we capped the number of shares investors could apply for, as we did not wish to pull liquidity out of the local stock market – or indeed individuals' pockets. Nor did we wish to raise any more money than Al Khaliji has need for.

"I believe we have more than realised our ambitions with an offer that, while over two times oversubscribed, provides a template for the conduct of future IPOs in the region seeking to build longterm value for investors."

Notes to Editors

Breakdown of Share Allocation:

No.of Shares Applied For	Price Paid in QAR (50% par value + admin charges)	Shares Allotted	Value of Shares Allotted (QAR)	Value of Refund for unallocated shares (QAR)
500	2625	500	2625	0
600	3150	600	3150	0
700	3150	700	3675	0
800	4200	800	4200	0
1000	5250	1000	5250	0
2000	10500	1220	6406	4095
3000	15750	1440	7560	8190
4000	21000	1660	8715	12285
5000	26250	1880	9870	16380

Total Number of Applicants: 86,547
Value (at 50% paid) of shares applied for: QAR 1,37bn