Oman: Vision Insurance's IPO raises $10.4 mln
Source: Middle East Insurance Review | Sep 2017
Vision Insurance has launched its IPO in early July to raise around OMR4 million (US$10.4 million).
The company offered 25 million shares at a price of OMR0.162 per share, according to a prospectus lodged by Vision Insurance with Capital Market Authority.
The offer price comprises a nominal value of OMR0.10 for each share, share premium of OMR0.06 and provision for IPO expenses of OMR0.002.
The number of Vision Insurance’s IPO shares constitutes 25% of the current share capital of the company. The insurer’s issued and paid-up share capital is OMR10 million. The authorised share capital is OMR15 million.
Vision Insurance said the shares being offered are a divestment of a proportion of the shares currently held by the selling shareholders. Proceeds from the IPO (including the premium) will accrue to the selling shareholders.
There are 22 insurers in Oman, of which four are currently listed. M
OMR1 = US$2.60