IPO of Oman Qatar Insurance Company Closes; Subscription Value Crosses OMR 4 Million

Oman Qatar Insurance Company (OQIC), a subsidiary of Qatar Insurance Company (QIC) and a leading insurance company in the Sultanate, on Saturday announced the closing of its initial public offering (IPO). The IPO was successful with subscription value crosses 4 Million Omani riyals, said a report in QNA.

OQIC floated 25 million shares for the initial IPO at an offer price of 160 baisa per piece, which amounts to 25 percent of the total share capital of the company. The shares will be available for trading from October 19 on the Muscat Securities Market. 

Khalifa Al Subaey, CEO of Qatar Insurance Group, said that the successful IPO reflects the company's strong growth since its inception in 2004. OQIC is an example of Qatar Insurance's strong commitment to Oman and to operations in the Middle East region in general, he added. 

The company, which provides life and general insurance cover in Oman, launched the share offer in compliance of a Royal Decree of Oman that requires non-listed national insurers to offer at least 25 percent of their share capital for public subscription.