QLM Life and Medical Insurance, which aims to raise QAR659.4m ($181.2m) through an IPO, has adopted a two-pronged strategy of investing in IT platforms for member engagement and expanding its provider network.
“To offer maximum flexibility to our members, we will continue to embrace digitisation, evaluate options and adjust our operating models to bring in enhanced efficiency in a constantly changing landscape,” Mr Salem Khalaf al-Mannai, group CEO of Qatar Insurance Group, which is the parent of QLM, said ahead of the IPO launch.
QLM’s provider network has expanded and is considered to be the largest in Qatar and the GCC. The network has over 75,000 healthcare centres spanning 103 countries, across six continents, according to a Gulf Times report.
QLM, whose capital base is 350m shares with a nominal value of QAR1 each, is offering 60% or 210m ordinary shares to the public through the IPO which was open from 10 to 23 December. Eligible investors include Qatari citizens and legal entities incorporated in Qatar.
In the first tranche, 45% or 157.5mn shares were offered to individuals and corporates, and in the second tranche, the remaining 15% or 52.5mn shares were offered to anchor investors such as General Retirement and Social Insurance Authority, Mwani Qatar and Doha Insurance Group.
The IPO was offered at QAR3.15 per share, which includes a premium of QAR2.14 and listing fees of QAR0.01.
After the IPO, Qatar Insurance Group will retain a 25% stake and the other 15% will be retained by other pre-IPO investors or founders. M
QAR1 = $0.27