watania ipo seven times oversubscribed
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Watania IPO seven times oversubscribed

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Watania IPO seven times oversubscribed

ABU DHABI- Arabstoday

The initial public offering (IPO) of National Takaful Company (Watania), which opened on April 18, closed on Monday after receiving an overwhelming response from investors with the issue being oversubscribed seven times, Watania said in a statement. At the close of the public offer, applications for 590 million shares were received for the 82.5 million shares made available to the public. Approximately 20 million shares, or 13.33 per cent of the total share capital, were open only to UAE individual national retail investors and 62 million shares were made available to UAE, GCC and other retail and institutional investors. Sentiment \"The IPO is a good sign for a change in investor sentiments. Takaful offerings generally have appetite from retail investors and other insurance companies, specifically,\" Tariq Qaqish, Director and Fund Manager at Al Mal Capital, told Gulf News by tele-phone. \"We would like to see more IPOs coming from sectors besides financial and real estate to be able to properly diversify investor portfolios and reduce the overall risk,\" Qaqish added. Watania\'s founding shareholders — Abu Dhabi National Islamic Finance (Adnif), Abu Dhabi National Insurance Company (Adnic), Abu Dhabi National Energy Company (Taqa) and Aldar Properties (Aldar) — have subscribed to shares worth Dh67.5 million, representing 45 per cent of the total share capital of Dh150 million. The IPO was for the remaining 55 per cent of the shares, valued at Dh82.5 million. Public response \"The strong public response to the Watania IPO represents a positive expression of public confidence in the future of Sharia-compliant insurance in the UAE and in the strength and credibility of the founding shareholders,\" said Aref EIsmail Al Khoury, Chairman of the Watania founders committee. UAE national retail investors were allowed to subscribe up to 5,000 shares with a guaranteed allotment of 2,000 shares per application whereas UAE, GCC, and other retail and institutional investors could apply for a minimum of 10,000 shares, with additional subscriptions in multiples of 1,000 shares. The allotment will be made on a pro-rata basis for this tranche and refunds will open on May 15.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

watania ipo seven times oversubscribed watania ipo seven times oversubscribed

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

watania ipo seven times oversubscribed watania ipo seven times oversubscribed

 



GMT 05:17 2024 Wednesday ,07 February

Amazon to open first cashierless shop

GMT 13:42 2017 Wednesday ,13 September

EAD raises awareness on Abu Dhabi’s natural heritage

GMT 13:25 2017 Wednesday ,08 November

UAE elected as Vice-President for 2017 UN Pledging

GMT 05:30 2017 Sunday ,06 August

PM receives National Qualifications Framework

GMT 13:19 2017 Thursday ,02 February

Unknown number of Kenyan police killed in terror attack

GMT 10:16 2017 Sunday ,23 July

HRH Premier thanked by Saudi Crown Prince

GMT 10:58 2017 Tuesday ,31 October

Seven dead as Israel blows up tunnel from Gaza

GMT 16:59 2017 Monday ,27 February

Indonesian police kill bomber, probe IS link

GMT 23:19 2017 Wednesday ,25 January

Time for Pant and Co. to make it count on big stage

GMT 20:34 2017 Wednesday ,10 May

HH the Emir Meets GCC Secretary-General

GMT 15:01 2017 Friday ,10 February

Bomb attack injures 2 in eastern Afghanistan

GMT 13:04 2017 Thursday ,09 February

Algeria's Boutaflika allow ministers run for parliament

GMT 07:00 2017 Monday ,17 July

Wenger keeps tabs on emerging Nelson
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice