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Thursday, October 21, 2021

Qatari insurance company launches successful IPO ahead of QSE listing


The company aimed to raise a total of QR 659.4mn through the IPO.

QLM Life and Medical Insurance company’s IPO was declared a success after gaining an oversubscription of shares ahead of the official listing on the Qatar Stock Exchange. 

The company is scheduled to go from a ‘Limited Liability Company’ to a ‘Qatari Public Shareholding Company’ on Jan 6 when it will feature on the QSE. 

QLM aimed to raise a total QR 659.4mn by offering a total of 210,000,000 shares in two tranches for an offering price of QR 3.15, which makes for 60% of the company’s share capital. 

In the first tranche, as much as 45%, or 157.5mn, shares were offered to individuals and corporates. In the second tranche, the remaining 15%, or 52.5mn, shares were offered to anchor investors such as the General Retirement and Social Insurance Authority, Mwani Qatar and Doha Insurance Group.

After the maiden offer, Qatar Insurance Group will retain 25% stake and the other 15% will be retained by other pre-IPO investors and founders.

International investors will also be allowed to buy shares and engage in trading activities once the company has been successfully listed. 

QLM’s IPO was also the first in Qatar where the vast majority of subscriptions were placed using online platforms. 

“This is a very exciting time for us as we continue to sharpen our focus on achieving the anticipated growth as outlined in our growth strategy,” said Salem Al Mannai, Group CEO of Qatar Insurance Group and the authorised representative of QLM founding shareholders.  

Together, with the support of all our new shareholders, we will strive to achieve the objectives of the Company and aspire to meet their expectations,” Al Mannai added.

“QLM’s major shareholder, QIC, has been evaluating the option to IPO QLM and believes now is the appropriate time for QLM from an operational and commercial standpoint,” he said, adding global and local market sentiments have improved, with the Qatar Stock Exchange’s index currently trading at a positive year-to-date performance.

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