QLM Life and Medical Insurance Company, which is seeking to raise QR659.4mn through its 60% initial public offering (IPO), has adopted a two-pronged strategy of investing in IT platform to digitise member engagement and expanding its provider network.
"To offer maximum flexibility to our members, we will continue to embrace digitisation, evaluate options and adjust our operating models to bring in enhanced efficiency in a constantly changing landscape,” Salem Khalaf al-Mannai, group chief executive of Qatar Insurance Group, which is the parent of QLM, said ahead of its IPO later this week.
QLM’s provider network has expanded and is considered to be the largest in Qatar and the wider Gulf Co-operation Council (GCC), with over 75,000 healthcare centres spanning 103 countries, across six continents.
The company, which has an industry leading IT platform that comprehensively addresses its operational requirements, has ensured seamless online IPO subscriptions at most of the receiving banks.
Investors can subscribe to the QLM IPO online by logging into the online banking websites or mobile applications of the receiving banks; namely, QNB, Commercial Bank, Al Khaliji, Ahli Bank and Doha Bank.
This facility is available to investors who already have their bank account/s with any of the above receiving banks.
Nevertheless, paper-based subscriptions are available at certain branches of Al Khaliji and Ahli Bank.
QLM, whose capital base is 350mn shares, is offering 60% or 210mn ordinary shares (of QR1 face value) to the public through the maiden offer, which will be on tap from December 10 to 23. Eligible investors include Qatari citizens and legal entities incorporated in Qatar.
In the first tranche, as much as 45% or 157.5mn shares are offered to individuals and corporates, and in the second tranche, the remaining 15% or 52.5mn share are offered to anchor investors such as General Retirement and Social Insurance Authority, Mwani Qatar and Doha Insurance Group.
The IPO is being offered at QR3.15, which includes a premium of QR2.14 and listing fees of QR0.01, corresponding to a total market capitalisation of QR1.1bn.
Established in 2011 as the first standalone life and medical insurance company in Qatar, QLM has steadily grown to become the market leader in Qatar. The company has a dominant market share in Qatar for the group medical and group life lines of businesses and is also leading insurer in the Gulf region.
After the maiden offer, Qatar Insurance Group will retain 25% stake and the other 15% will be retained by other pre-IPO investors or founders.
