Bahrain-based Gulf Finance House (GFH) has reported strong interest from Western institutional investors, days after the bank became the first Islamic finance house from the Gulf to list on the London Stock Exchange (LSE).Conditional trading of its global depository receipts (GDR) started on the LSE on Friday and unconditional trading under the symbol "GFH" will start on Wednesday.
"GFH GDRs started trading strongly, and 451,082 GDRs shares with a total value of $11.2 million at a unit price of $25.00 were traded on the first day," said the bank in a statement. Each GDR represents 10 ordinary shares.
"The price achieved represents a premium of 7.7 per cent above the previous closing price in Kuwait and a premium of 23pc over the price when research was published and distributed internationally."
Last week GFH offered 100 million shares to institutional investors in Europe and the USA in the form of 10 million GDRs in a secondary issue. The issue was oversubscribed.
Via Gulf Daily News.
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