OQIC SHARES LISTED ON MSM

22/10/2017 08:55 AST

Following the successful initial public offering (IPO) of Oman Qatar Insurance Company (OQIC) which was oversubscribed 1.4 times, the company’s shares were listed on the Muscat Securities Market (MSM) on Thursday.

After opening at 164bz, OQIC shares closed at 160bz per share at the end of trading on Thursday. According to market data, around 1mn shares of OQIC worth around RO169,000 were traded on the first day of listing.

A listing ceremony was held at the MSM and was attended by H E Abdullah al Salmi, executive president of the Capital Market Authority (CMA) as well as other senior members and dignitaries representing the CMA, MSM and Muscat Clearing & Depository Co. Apart from external stakeholders, the ceremony also brought together the board, management team and a large group of employees of OQIC.

Speaking before the symbolic sounding of the opening bell, Navin Kumar, CEO of OQIC said, “OQIC and all its IPO partners have been working tirelessly towards this day. The success we celebrate today is the result of all the hard work, the trust and confidence placed on us by our customers and partners, and the immense support and guidance we have received from the regulators.”

The IPO represented an offer of 25 per cent of the share capital of OQIC. The RO4mn offering was comfortably oversubscribed and attracted strong levels of demand from both retail and institutional investors across the country, making it one of the successful IPOs in 2017.

Muscat Daily