OQIC IPO oversubscribed 1.4 times
Oman Qatar Insurance Company SAOG (OQIC or Company), a leading insurance company in Oman and a subsidiary of Qatar Insurance Company (QIC or the Group), today announced the successful closure of the initial public offering (IPO or Offering) of 25% 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 on 5 October 2017.
The OMR 4 million Offering was comfortably oversubscribed with strong demand from both retail and institutional investors, making it one of the successful IPOs of 2017. OQIC’s shares are expected to begin trading on the Muscat Securities Market on 19 October 2017.
Mr. Khalifa Al Subaey, Group President and Chief Executive Officer of QIC Group, 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, OQIC is an example of QIC’s strong commitment to Oman 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 50+ years of operations. We would like to express our strong appreciation to the Government of the Sultanate of Oman and to the Capital Market Authority for their invaluable guidance and support.”
Mr. Navin Kumar, CEO of OQIC, 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.”