PT Bank Muamalat Indonesia Syariah, the Indonesian Shariah lending institution, is aiming to raise nearly US$300 million through an initial public offer. The volume is at least 20% of its capital according to two anonymous sources with knowledge of the transaction.
The initial public offer is subject to the approval of the market regulator. The offer is scheduled to be conducted in the second quarter of the year and thus would make Muamalat as the first shariah bank to be listed in the Indonesian stock exchange.
The bank has engaged the services of Deutsche Bank, Bahana Securities and Credit Suisse Group AG as its underwriters.
Currently, the bank has 2.5 million customers and has 275 operating branches throughout the largest Southeast Asian country, according to its website.
This is but one of the several IPOs scheduled for the country as there is excess liquidity in the stock market and many want to maximize its benefits. The all time highs for the country has just been reached this week.
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