Oman Qatar IPO subscribed by 1.4 times, share listing on October 19

Muscat: Oman Qatar Insurance Company (OQIC), a leading insurance company in Oman, on Saturday announced the successful closure of the initial public offering of 25 per cent of its total share capital, or 25 million existing ordinary shares, at a price of 160 baisas per share. The subscription period for the offering closed on October 5, 2017.
The OMR4 million-share offer 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 October 19 2017.
“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,” said Khalifa Al Subaey, Group President and Chief Executive Officer of QIC Group.
“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,” he added.
“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,” noted Navin Kumar, CEO of OQIC.