QLM Life & Medical Insurance Company QPSC yesterday announced its plans to list shares on Qatar Stock Exchange. The company plans to raise around QR659.4m through the Initial Public Offering (IPO). The IPO by Qatar’s leading provider of life and medical insurance will make it the 48th company to list share on Qatar Stock Exchange.
The subscription for its IPO opens from December 10 and will close on December 23. Eligible investors include Qatari citizens and legal entities incorporated in Qatar. QLM’s implied total market capitalisation at IPO is QR1.099bn.
The Offering Price consists of the nominal value per share of QR1, a premium of QR2.14, and an Offering and Listing Fee of QR0.01 per Offer Share. The share capital of QLM is QR350m divided into 350 million shares of QR1 each. The Offering Price consists of the nominal value per share of QR1, a premium of QR2.14, and an Offering and Listing Fee of QR0.01 per Offer Share.
The company said that prior commitments have been obtained from several anchor investors to subscribe for 15 percent of QLM’s share capital during the IPO.
