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QLM Life and Health Insurance announced the company’s initial public offering in the health and life insurance sector in Qatar.
60% of the company’s shares will be offered, equivalent to 210,000,000 subscription shares, at an offer price of 3.15 riyals per share, making the initial public offering volume 659,400,000 Qatari riyals after deducting the offering expenses of 0.01 Qatari riyals per share. The total market value of the company is 1,099,000,000 Qatari riyals upon offering. The first year.
The offering price is 3.15 Qatari riyals per share, which is the result of dividing the market value at the initial public offering by the number of the company’s 350,000,000 shares after being converted into a public joint stock company.
This offering price consists of the nominal value of one riyal and a premium of 2.14 riyals plus the costs of the offering and the listing fee of 0.01 Qatari riyals per share.
The selling shareholder, Qatar Insurance Company (QIC), is obligated to support the company after the initial public offering by holding 25% of the group of shares in QLM after the initial public offering.
It is noteworthy that the eligible investors are Qatari citizens and legal entities existing in the State of Qatar that hold a valid registration certificate in the commercial registry issued by the Qatari Ministry of Trade and Industry.
The company indicated that advance commitments were obtained from some of the main investors to subscribe to 15% of the company’s capital during the initial public offering.
The subscription period will run from December 10, 2020, until December 23, 2020.