Bemo Saudi Fransi Finance (BSFF) has successfully closed the Bank Al Sharq's initial public offering (IPO).

In a powerful vote of confidence, Syrian individual investors subscribed to the equivalent of SP2.246 billion ($0.048 billion), representing a coverage of 438.24 per cent.
 
The IPO which took place between October 7 and October 29, 2008, was targeted to raise SP512.5 million, the equivalent of 20.5 per cent of Bank Al Sharq's start-up capital of SP2.5 billion.

Led by Banque Libano-Francaise, the founders, whom include a host of prominent Syrian businessmen, had collectively contributed 79.5 per cent of the new bank’s capital prior to the offering.

Managed by BSFF, a total 325 investors subscribed through one of three participating Syrian banks including BBSF, the International Bank for Trade and Finance (IBTF), and Arab Bank-Syria (ABS).

Of the total subscribed amount, 309.67 per cent was covered through subscriptions that occurred in Banque Bemo Saudi Fransi's branches. 

Bank Al Sharq's IPO represents BSFF's second successful offering since being granted license to commence operations from the SCFMS mid-2008.

Earlier in October, BSFF successfully closed Banque Bemo Saudi Fransi's rights issue of SP750 million. 

BSFF is a financial services and investment company providing financial advisory, brokerage, asset management and IPO management services to both individual and institutional investors in Syria. BSFF recently became the No. 1 member in the Damascus Securities Exchange. – TradeArabia News Service