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Tribune News Network
Doha
QLM Life and Health Insurance, a subsidiary of Qatar Insurance Company, on Thursday, announced to offer 60 percent of the company’s capital worth QR659.4 million and equivalent to 210,000,000 shares for public subscription.
According to a statement issued by QLM on Thursday, a total of 210,000,000 shares will be offered for subscription through an initial public offering (IPO) with QR3.15 per offer share, making the total size of the offering at QR659.4 million, excluding the offering costs of QR0.01 per share.
The share offer price of QR3.15 is the result of dividing the market value at the initial public offering by the number of the company’s 350,000,000 shares after being converted into a public joint-stock company, the statement said adding that the offering price consists of the nominal value of QR1 and a premium of QR2.14 plus the costs of the offering and the listing fee of QR0.01 per share.
QLM’s implied total market capitalisation at IPO is QR1.099 billion, the statement said.
The selling shareholder, Qatar Insurance Company (QIC), is obligated to support the company after the IPO by holding 25 percent of the group of shares in QLM.
Eligible Investors are Qatari citizens and legal entities based in Qatar that holds a valid registration certificate in the Commercial Registry issued by the Ministry of Commerce and Industry.
Advance commitments were obtained from some of the principal investors to subscribe to 15 percent of the company’s capital during the IPO, the statement said.
According to the IPO prospectus, the subscription period starts from December 10, 2020 until December 23, 2020. Allocation of offer shares and refund of surplus subscription amounts, if any will be done on December 29, 2020 and the Constituent General Assembly will be held on December 30.
Issuance of the company’s commercial registration indicating the transformation into a Qatari public shareholding company will happen on December 31, 2020.
The expected date for the first trading day for shares on the Qatar Stock Exchange is January 6, 2021.
“The 210,000,000 shares are offered for subscription by qualified investors, representing 60 percent of the company’s issued capital. These shares are offered by the sole selling shareholder, Qatar Insurance Company, which will retain 25 percent of the issued capital of the company following the IPO,” the statement said.
Local banks like Commercial Bank of Qatar, Ahli Bank, Doha Bank, Al Khaliji Commercial Bank will participate in the IPO subscription
process.
Doha
QLM Life and Health Insurance, a subsidiary of Qatar Insurance Company, on Thursday, announced to offer 60 percent of the company’s capital worth QR659.4 million and equivalent to 210,000,000 shares for public subscription.
According to a statement issued by QLM on Thursday, a total of 210,000,000 shares will be offered for subscription through an initial public offering (IPO) with QR3.15 per offer share, making the total size of the offering at QR659.4 million, excluding the offering costs of QR0.01 per share.
The share offer price of QR3.15 is the result of dividing the market value at the initial public offering by the number of the company’s 350,000,000 shares after being converted into a public joint-stock company, the statement said adding that the offering price consists of the nominal value of QR1 and a premium of QR2.14 plus the costs of the offering and the listing fee of QR0.01 per share.
QLM’s implied total market capitalisation at IPO is QR1.099 billion, the statement said.
The selling shareholder, Qatar Insurance Company (QIC), is obligated to support the company after the IPO by holding 25 percent of the group of shares in QLM.
Eligible Investors are Qatari citizens and legal entities based in Qatar that holds a valid registration certificate in the Commercial Registry issued by the Ministry of Commerce and Industry.
Advance commitments were obtained from some of the principal investors to subscribe to 15 percent of the company’s capital during the IPO, the statement said.
According to the IPO prospectus, the subscription period starts from December 10, 2020 until December 23, 2020. Allocation of offer shares and refund of surplus subscription amounts, if any will be done on December 29, 2020 and the Constituent General Assembly will be held on December 30.
Issuance of the company’s commercial registration indicating the transformation into a Qatari public shareholding company will happen on December 31, 2020.
The expected date for the first trading day for shares on the Qatar Stock Exchange is January 6, 2021.
“The 210,000,000 shares are offered for subscription by qualified investors, representing 60 percent of the company’s issued capital. These shares are offered by the sole selling shareholder, Qatar Insurance Company, which will retain 25 percent of the issued capital of the company following the IPO,” the statement said.
Local banks like Commercial Bank of Qatar, Ahli Bank, Doha Bank, Al Khaliji Commercial Bank will participate in the IPO subscription
process.
