Bahrain-based Islamic lender Al Baraka said on Sunday the initial public offering of a stake in its Syrian unit has been oversubscribed 4.4 times.

It said the IPO of a 35-percent stake in the unit with capital of $100 million attracted subscriptions over $165 million.

The subscription of an IPO is usually calculated excluding the targeted amount, which puts the oversubscription in this case at 3.4 times. - Reuters