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Oman Qatar Insurance closes IPO

Oman Qatar Insurance Co. SAOC successfully closed its IPO, in which the Qatar Insurance Co. SAQ unit offered 25 million shares, equivalent to 25% of its total share capital, at 160 Omani baisa apiece.

The company, which expects its shares to begin trading Oct. 19 on the Muscat Securities Market, noted that the offering was 1.4x oversubscribed, with strong demand from retail and institutional investors.

Ubhar Capital acted as exclusive issue manager and financial adviser for the offering.

As of Oct. 13, US$1 was equivalent to 385.20 Omani baisa.