(MENAFN- Muscat Daily) Muscat- Oman Qatar Insurance Company (OQIC) announced the opening of its initial public offering (IPO) for public subscription. The IPO will open for subscription today and close on October 5, 2017, according to a press release issued by the company.
OQIC, through its IPO, is offering 25mn shares at an offer price of 160bz per share (comprising a nominal value of 100bz, premium of 58bz and offer expenses of 2bz per share). The IPO represents an offer of 25 per cent of the total share capital of the company.
OQIC has appointed Ubhar Capital as the financial advisor and issue manager for the IPO. The IPO subscription will be open to both Omani and non-Omani investors, and to individual and institutional investors.
As much as 65 per cent of the shares available for subscription have been reserved for retail investors applying for a minimum of 1,000 shares and a maximum of 100,000 shares. The balance 35 per cent of offered shares are reserved for investors applying for a minimum of 100,100 shares up to a maximum of 2.5mn shares.
Commenting on the opening of the IPO, Navin Kumar, CEO of OQIC, 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.'
Following the IPO, the company expects to generate a five-year average dividend yield of around ten per cent. OQIC expects to pay its first dividend following the IPO in April 2018.
Application forms for the IPO are available for collection at
any branches of the subscription banks: BankDhofar, National Bank of Oman and Oman Arab Bank.
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