Gulf Arab investors offered Dh3.6 billion ($980 million) towards the initial public offering of an Abu Dhabi-based Islamic insurer, almost 43 times more than the firm was seeking to raise, the IPO adviser said.
Mithaq Lil Takaful sold 82.5 million shares at Dh1 each, equivalent to 55 per cent of the company and valuing it at Dhs150 million, Majd Maaitah, senior manager for securities services at National Bank of Abu Dhabi, said.
The nine-day sale closed on Feb.4. The shares will list on the Abu Dhabi exchange at the end of March, Maaitah said on Thursday.
"The response was very good," he said. Non-Gulf Arab citizens will be able to own as much as 25 per cent of the shares once they list. (Reuters)
Mithaq Lil Takaful sold 82.5 million shares at Dh1 each, equivalent to 55 per cent of the company and valuing it at Dhs150 million, Majd Maaitah, senior manager for securities services at National Bank of Abu Dhabi, said.
The nine-day sale closed on Feb.4. The shares will list on the Abu Dhabi exchange at the end of March, Maaitah said on Thursday.
"The response was very good," he said. Non-Gulf Arab citizens will be able to own as much as 25 per cent of the shares once they list. (Reuters)
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