Kuwaiti Boubyan Bank IPO oversubscribed

Kuwait's Boubyan Bank attracted public subscriptions of more than three times its allotted amount in one of the country's largest ever initial public offerings, the official in charge of founding the new Islamic bank said on Sunday.
Dirar al-Rabah told state news agency KUNA that initial estimates show public subscriptions reached about 270 million dinars ($918 million) versus the 76 million dinars worth of shares on offer.
Final results are expected later this week for Boubyan Bank's IPO, which paves the way to introduce competition into the fledgling banking sector in oil-rich Kuwait, where Kuwait Finance House has a monopoly on Islamic banking.
After the IPO, the public will hold a 76 percent stake. Kuwait Investment Authority, which oversees a portfolio for the country estimated at up to $80 billion, has already bought 20 percent of Bouyban, while the government's social security body has bought another four percent.