KARACHI: Pak-Qatar General Takaful Limited is set to launch its initial public offering next week to raise up to Rs420 million, the company said on Tuesday.
The book-building process will take place on January 21 and 22, with investor registration opening on January 16. Under the offering, the company will issue 30 million shares with a floor price of Rs10 and a ceiling price of Rs14 per share. Of the total issue, 75 per cent or 22.5 million shares will be allocated to institutional investors, while 25 per cent or 7.5 million shares will be offered to the general public. Public subscription is scheduled for January 28 and 29.
Following the IPO, Pak-Qatar General Takaful will become the first dedicated general takaful operator to be listed on the Pakistan Stock Exchange (PSX), at a time when the benchmark KSE-100 Index continues to post record highs.
The listing is aimed at strengthening the company’s paid-up capital base to meet regulatory capital requirements for non-life insurers and takaful operators, while supporting future growth plans. Arif Habib Limited has been appointed as consultant and book runner for the offering, the statement added.
The IPO follows the successful listing of Pak-Qatar Family Takaful Limited last month, which raised Rs901 million in Pakistan’s first Islamic insurance sector IPO and was oversubscribed by 3.5 times. Proceeds from the current issue will be used for investments in technology, infrastructure, marketing, human resources and branch expansion.
Pak-Qatar General Takaful is part of the Pak-Qatar Group, backed by Qatar-based financial institutions. The Securities and Exchange Commission of Pakistan approved the company’s IPO prospectus last week, with the offering marking the sixth IPO on the PSX Main Board in the current fiscal year.
