Allotment of shares in Emirates Integrated Telecommunications Company du’s Dh2.4 billion public offering has been finalized, announced leading investment bank EFG-Hermes. EFG-Hermes, the Global Coordinator and Financial Advisor of the deal, Emirates Bank the Lead Manager and First Gulf Bank the Co-Lead Manager have directed the receiving banks to send share allotment notices, refund checks, and transfers to investors by post Monday morning, the 3rd of April. The Company’s initial public offering was oversubscribed 167 times. The demand accumulated by subscribed investors exceeded (Dh400) billion, setting a record in the history of IPOs worldwide. More than 227,000 UAE nationals applied, including the 13,248 teachers who were given the opportunity to participate according to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai. Teachers who subscribed to the offering will each get 3,000 shares out of Tranche A, comprising 150 million shares. The remaining shares in Tranche A will be allocated equally among all subscribers to that Tranche. It is expected to be 564 shares per individual. Tranche B, comprising 650 million shares, will be allocated on a pro-rata basis. Allocation will be approximately 0.5 per cent. EITC is set to be listed on the Dubai Financial Market within 10 days of allocation. Immediately upon listing, 20percentage of the company's shares will be open to non-UAE investors. EFG-Hermes is the Global Coordinator and Financial Advisor for the deal. Emirates Bank International and First Gulf Bank acted as lead manager and colead manager to the offering, respectively. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Bank, Dubai Islamic Bank, Emirates Financial Services, Emirates Islamic Bank, Finance House, Mashreqbank, National Bank of Abu Dhabi, National Bank of Dubai and Union National Bank also act as Receiving Banks. To read the entire press release, please download the PDF document.