Oman Qatar Insurance's IPO subscribed 1.4 times

Source: Middle East Insurance Review | Nov 2017

Oman Qatar Insurance Company (OQIC), a subsidiary of Qatar Insurance Company (QIC), has announced that its initial public offering (IPO) has been oversubscribed 1.4 times with strong demand from both retail and institutional investors.

Established in 2004, OQIC provides life and general cover in Oman. The company operates through five retail branches and digital channels and has more than 30 sales points through agencies and brokers.

In comparison, Vision Insurance, which closed its IPO on 7 August, attracted subscriptions for 49.48% of the total offering of 25 million shares, according to a statement from the Capital Market Authority (CMA). The shares were offered at 162 baisas each.

Al Ahlia Insurance’s OMR7.5-million IPO, which closed subscriptions on 2 August, was subscribed by 2.43 times. The insurer had offered 25% of its total share capital, or 25 million shares, at a price of 300 baisas per share.

Insurers are going public in line with CMA’s stipulation that local insurers must float shares on the Muscat bourse before August 2017. M

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