(MENAFN- Muscat Daily) Muscat- Oman Qatar Insurance Company (OQIC), a leading insurer in the sultanate and a subsidiary of Qatar Insurance Company (QIC), announced the successful closure of its initial public offering (IPO).
The campany's RO4mn IPO was comfortably oversubscribed 1.4 times with strong demand from both retail and institutional investors, OQIC said in a press release issued on Saturday.
OQIC's shares are expected to begin trading on the Muscat Securities Market (MSM) on Thursday.
The company offered 25 per cent of its total share capital or 25mn existing ordinary shares at a price of 160bz per share. The subscription period for the IPO had closed on October 5.
Khalifa al Subaey, group president and chief executive officer of QIC Group said: 'We are delighted with the strong response to the OQIC IPO from a wide range of investors. Despite the rapid expansion of our group's global footprint, OQIC is an example of QIC's strong commitment to Oman and to our Middle East operations at large.
The successful IPO reflects the company's robust growth since its establishment in 2004. It also underscores investor confidence in QIC Group. We would like to express our strong appreciation to the sultanate's government and to the Capital Market Authority for their invaluable guidance and support.'
Navin Kumar, CEO of OQIC said: 'Our highly successful IPO highlights OQIC's position as one of the leaders in the insurance industry in Oman. As the company moves to its next phase of development, we will continue to be guided by QIC's credo of security, stability and strength based on strong underwriting discipline. We extend a warm welcome to our new individual and institutional investors to the OQIC family.'
OQIC provides life and general insurance cover in Oman. The company operates through five retail branches, digital and bancassurance channels, and has more than 30 points of sale through agencies and brokers.
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