Air Arabia's 10-day IPO closed with approximately 40,000 subscribers buying up 2.57 billion shares representing 55% of the company's share capital (ATWOnline, March 19). It said the AED2.57 billion ($698.8 million) offering was 150% oversubscribed and that share allocation will occur April 8, with refunds distributed April 11 and 14. Shares will be listed on the Dubai Financial Market. The airline said it will use the proceeds for financing and to expand the size of its fleet from nine to at ...

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