QLM Life and Medical Insurance, which recently closed its initial public offering (IPO), is awaiting regulatory approval for its debut on Qatar Stock Exchange (QSE).
The listing was scheduled for January 6 as per its initial public offer (IPO) prospectus, but a company spokesman said it will provide an update on the precise date “as soon as regulatory approvals are obtained and the date is confirmed.”
After QLM starts trading, expected to be in this month itself, it will join the insurance sector, which already has Qatar Insurance, Qatar General Insurance and Reinsurance, Al Khaleej Takaful, Qatar Islamic Insurance and Doha Insurance.
QLM, which had offered 210mn ordinary shares at QR3.15 a piece (including QR2.14 premium), saw “high” demand from retail and corporate investors and was oversubscribed, reflecting investors’ enthusiasm and trust in the company.
QLM’s IPO, which corresponds to a total market capitalisation of QR1.1bn, was the first maiden offer in Qatar where the vast majority of subscriptions were placed using online platforms, reflecting the rapid development of Qatar’s capital markets.
QSE chief executive Rashid bin Ali al-Mansoori had recently said in a tweet that QLM "will act as a gateway for investment diversification, deepening the market, and attracting more local and foreign investments."
At present, QSE has 47 listed companies with 13 in the banks and financial services sector, 10 each in industrials and consumer goods, five in insurance, four in the real estate, three in the transport and two in the telecom sector.
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