Insurance House | First day of Insurance House IPO
First day of Insurance House IPO
 
27th February 2011

biglogoAbu Dhabi, 27 February, 2011– On the first day of Insurance House’s IPO, which began ‎today, and continues until 9 March, 2011, all the IPO participating ‎banks across the UAE have witnessed a promising demand.‎

Majd Maayta, Director of Securities Services at the ‎National Bank of Abu Dhabi said: "On the first day of ‎the IPO of the new company, the offer was ‎well received by the UAE Nationals, where we have received several ‎requests from investors interested in participating".

Maayta added: "Today, the majority of the requests for ‎subscription as a whole were at the minimum prerequisite which is ‎AED 25,000. While it might be well known that usually, the early days of ‎IPOs do not witness significant investments, but it ‎seems that there is a good level of interest among ‎individuals and companies to subscribe to the shares of ‎Insurance House. I expect the number and amount ‎of subscriptions to keep increasing through out the next few days in order for it to reach its peak during the last days of the IPO".‎

The AED 66 Million IPO, which closes on 9 March, 2011, consists ‎of 55 per cent of the Company's authorized share capital of ‎AED 120 Million. The shares will be listed on Abu Dhabi ‎Stock Exchange (ADX), and further announcement will be made ‎to confirm the listing date. Once listed, the company will ‎immediately open up its shareholding to foreign ownership, ‎to the extent of 20% of the Company’s paid up equity share ‎capital.‎

The four participating banks, Mashreq Bank, National Bank of Abu Dhabi, National bank of Fujairah, and Finance House, will have a network of ‎branches spread strategically approach across the UAE, ‎allowing maximum exposure. A full prospectus providing full ‎details of the IPO and the company, as well as a summary ‎document and subscription application forms can be ‎collected from the four receiving financial institutions, ‎and further details about the IPO are available on ‎Insurance House website “www.insurancehouse.ae”.‎