Arabia Falcon Insurance Co. launched its IPO on March 6, offering 25 million shares for 190 Omani baiza apiece, the Times of Oman reported March 6.
The price comprises a nominal value of 100 baiza per share, a premium of 88 baiza and offer expenses of 2 baiza per share.
Ubhar Capital is serving as financial adviser and issue manager for the offering, which represents 25% of the company. The IPO, which targets investors in Oman and beyond, will close April 2, the newspaper noted.
The company is among a trio of Omani insurers that announced plans to offer 25% of their paid-up capital to private and institutional investors in 2017. It expects to pay its first dividend in April, according to the report.
Arabia Falcon Insurance was formed by the merger of Falcon Insurance Co. SAOC and Arabia Insurance Co. in Oman. Al Anwar Holding Co. SAOG is the company's second-biggest shareholder.
As of March 6, US$1 was equivalent to 0.38 Omani rial. One rial is equivalent to 1,000 baiza.
