Oman: Al Ahlia allots 15,000 shares to IPO subscribers
Source: Middle East Insurance Review | Sep 2017
Al Ahlia Insurance, whose IPO closed on 2 August, has decided to allot a minimum of 15,000 shares to retail investors as well as 35% of any additional share applications made by them.
Institutional investors (or those who applied for 250,100 shares or more) will get a 24.7% allotment each.
About 65% of the offered shares were reserved for small investors applying for a minimum of 1,000 to a maximum of 250,000 shares, with the remaining 35% reserved for large investors applying for a minimum of 250,100 to a maximum of 2,500,000 shares.
Al Ahlia’s OMR7.5 million (US$19.5 million) IPO was subscribed by around 2.43 times, attracting OMR18.2 million in application money, said a statement from the Capital Market Authority.
The company’s shares was listed on the Muscat Securities Market on 17 August.
The company had offered 25 million shares which represent 25% of its issued capital, at 300 baisas per share, to the public. The insurer’s promoters will continue to hold an aggregate of 75% of shares after the IPO.
Al Ahlia Insurance is backed by strong promoters led by RSA Insurance Group and well-supported by experienced local shareholders, such as Ominvest, WJ Towell Group and the OHI Group. M
OMR1 = US$2.60