QLM Life and Medical Insurance Company, which recently concluded its initial public offering (IPO), will start trading on the Qatar Stock Exchange (QSE) from January 13.
The bourse decided to admit the shares of QLM, bearing the code “QLMI” in the insurance sector, after completing all necessary technical and administrative procedures.
With the listing of QLM, the number of listed companies on the QSE will increase to 48.
The price flotation for QLM will be permitted only for the first day of listing. Price fluctuation on the second day and thereafter will be permitted by 10% up/down as is the case for all other listed companies.
There will be no change in the trading session during the first day of listing, except for the pre-open period as brokerage companies will be only permitted to enter buy/sell orders for QLM shares starting at 8.30am during the first listing day only; while the pre-open period for other listed companies will remain as usual, at 9am.
The data will become available at the brokerage firms effective Sunday, January 10, so investors will be able to submit their buy/sell orders directly to the brokers as of that date.
QLM was established on April 30, 2018 with an authorised capital of QR350mn, which is 100% paid in full.
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.
At present, the 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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