Bahrain-based Islamic investment bank GFH Financial Group has celebrated the listing of a $300 million sukuk on the Nasdaq Dubai, its first venture into the international debt markets.
Chairman Jassim Alseddiqi rang the morning bell on February 25 to mark the listing.
The five year Islamic bond was oversubscribed by two and a half times with a total book size of more than $750 million.
The allocations were evenly split between regional and international investors accounting for 53% and 47% of the issuance respectively. The majority of these were fund managers (61%) with financial institutions making up the remaining 39%.
The capital raised will be used to fund GFH’s next phase of growth, said Alseddiqi.
“Listing our Sukuk on a well-regulated and international trading platform like Nasdaq Dubai, will expand GFH’s reach and visibility among the global and regional investor community,” he said.
“The overwhelming response received on our Sukuk issuance demonstrates the strong confidence investors have in GFH and its future potential.”
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