Arab Today, arab today watania ipo seven times oversubscribed
Last Updated : GMT 08:21:46
Arab Today, arab today
Arab Today, arab today

Watania IPO seven times oversubscribed

Arab Today, arab today

Arab Today, arab today 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*

Arab Today, arab today watania ipo seven times oversubscribed Arab Today, arab today watania ipo seven times oversubscribed

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday