Oman Qatar Insurance IPO opens for subscription

MUSCAT, SEPT 6 – Oman Qatar Insurance Company SAOG (under transformation), (OQIC) a leading insurance company in Oman, has announced the opening of its Initial Public Offering (IPO) for subscription. The Company has appointed Ubhar Capital as Financial Advisor and Issue Manager for the IPO. The IPO entails offering of 25,000,000 shares at an offer price of 160 baizas per share (comprising a nominal value of 100 baizas per share, premium of 58 baizas per share and offer expenses of 2 baizas per share). The IPO represents an offer of 25 per cent of the total share capital of the Company.
The IPO opened for subscription on September 6, 2017 and closes on October 5, 2017. The IPO subscription will be open to both Omani and non-Omani investors, and to individual and institutional investors. 65 per cent of the shares available for subscription have been reserved for investors applying for a minimum of 1,000 shares and a maximum of 100,000 shares, with the balance 35 per cent reserved for investors applying for a minimum of 100,100 shares up to a maximum of 2,500,000 shares.
Commenting on the opening of the IPO, the CEO of OQIC, Navin Kumar (pictured), said, “This is a very proud moment for OQIC. The opening of our IPO not only underlines our compliance with the Royal Decree and Omani insurance regulations, but also offers an attractive investment opportunity to investors in Oman and elsewhere. In recent years, the Company has made positive strides to become one of the leading participants in insurance sector in Oman. The IPO is unique thanks to the backing of OQIC’s parent, Qatar Insurance Company, a global player that is largest insurance and reinsurance group in the Middle East region. OQIC’s IPO will encompass the Company’s core values of security, stability and strength.”