KARACHI: Pak-Qatar General Takaful Limited’s initial public offering has drawn strong investor interest, with the book-building process concluding at an oversubscription of 21 times, making it the first public offering of a dedicated general takaful company at the Pakistan Stock Exchange (PSX).
According to the book-building results announced on Thursday, the strike price was set at Rs14 per share, above the floor price of Rs10. Total demand reached Rs4.74 billion. A total of 22.5 million shares will be provisionally allotted to successful bidders under the book-building process, while the remaining 7.5 million shares will be offered to retail investors on January 28 and 29.
Shahid Ali Habib, chief executive officer of Arif Habib Limited, the lead manager to the issue, said the response reflects investor interest in the takaful segment and the company’s market position.
The company said the funds raised through the IPO will be used for investments in technology, infrastructure, marketing, human resources, and expansion of its branch network, along with improvements to existing operations.
