Doha: The Initial Public Offering (IPO) of QLM witnessed high demand from retail and corporate investors and was oversubscribed, reflecting investors’ enthusiasm and trust in the Company.
Following the successful closure of the subscription period of the Initial Public Offering of QLM Life & Medical Insurance Company Q.P.S.C. (under conversion) (QLM or the Company) on December 23, 2020, the Company announced that the allocation of Offer Shares to subscribers was completed yesterday, with the refund of excess application amounts occurring shortly afterwards.
Accordingly, the Company will hold its Constitutive General Assembly meeting as scheduled today, following which the Company will be converted from a limited liability company to a Qatari Public Shareholding Company.
Given the high demand for offer shares, priority in the allocation of shares was given to retail investors, who received full allocation of the shares they applied for. Applications from corporate investors were therefore only partially allocated, with the majority of subscription amounts returned to corporate applicants. All anchor investors in the IPO, namely the General Retirement and Social Insurance Authority (GRSIA), Doha Insurance Group QPSC and Qatar Ports Management Company (Mwani), have been allocated the shares reserved for them based on pre-agreed commitments.
Investors who subscribed in the IPO but were not allocated the full amount of shares they requested can purchase additional QLM shares following their listing on the Qatar Exchange, which is expected on January 6, 2021, subject to obtaining the final regulatory approvals. Following their listing, the shares can also be purchased by international investors and investors who were not eligible to subscribe in the IPO.
QLM’s IPO was also the first IPO in Qatar where the vast majority of subscriptions were placed using online platforms, reflecting the rapid development of Qatar’s capital markets.
Commenting on the successful results of the IPO, Group CEO of Qatar Insurance Group & and the authorized representative of QLM’s founding shareholders Salem al Mannai commented, “We are delighted with the successful and enthusiastic response to our IPO, which marks yet another milestone on our journey. I would like to express our appreciation to all the investors who have placed their trust and confidence in QLM and our compelling growth story.”
“This is a very exciting time for us as we continue to sharpen our focus on achieving the anticipated growth as outlined in our growth strategy. Together, with the support of all our new shareholders, we will strive to achieve the objectives of the Company and aspire to meet their expectations.”
