Oman Qatar Insurance IPO oversubscribed
MUSCAT, October 14, 2017
Oman Qatar Insurance Company said its initial public offering (IPO) has been oversubscribed 1.4 times mainly driven by a strong demand from both retail and institutional investors.
A subsidiary of Qatar Insurance Company, OQIC said it has successfully closed the IPO of 25 per cent of its total share capital, or 25 million existing ordinary shares, at a price of Bzs 160 per Offer share. The subscription period for the offering closed last week.
The RO4 million ($10.3 million) IPO was one of the most successful rights issues of 2017. The OQIC’s shares are expected to begin trading on the Muscat Securities Market on October 19.
QIC president and chief executive Khalifa Al Subaey said: "We are delighted with the strong response to the OQIC IPO from a wide range of investors. Despite the rapid expansion of our group’s global footprint, the Omani firm is an example of QIC’s strong commitment to sultanate and to our Middle East operations at large."
The successful IPO reflects the company’s robust growth since its establishment in 2004. It also underscores investor confidence in QIC Group, the largest insurance and reinsurance group in the Mena region, and which has an unrivalled track record of profitability and shareholder value generation during its over 50 years of operations.
OQIC's chief executive Navin Kumar said: "Our highly successful IPO highlights OQIC’s position as one of the leaders in the insurance industry in Oman. As the company moves to its next phase of development, we will continue to be guided by QIC’s credo of security, stability and strength based on strong underwriting discipline."
"We extend a warm welcome to our new individual and institutional investors to the OQIC family. We would also like to thank Ubhar Capital – who acted as the exclusive issue manager and financial advisor, for their support and guidance throughout the IPO process," he added.-TradeArabia News Service
