Pak-Qatar Family Takaful Limited (PQFTL) got the final strike price of Rs18.02 per share at the completion of its two-day Dutch bidding to sell 50 million shares, mobiliding investment of Rs901 million at the Pakistan Stock Exchange (PSX) for expansion of its business.
The share price surged almost 29% in the two-day book building process from the minimum (floor) price of Rs14 per share. The price had the room to increase by a maximum of 50% to Rs21 per share from the floor price during the process.
Talking to Business Recorder, Shahid Ali Habib, CEO, Arif Habib Limited (AHL) – the lead book runner of the initial public offering (IPO), said the firm had raised Rs675.75 million through selling 37.5 million shares (75% of 50 million shares) at the completion of the two-day book building on Friday.
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The Shariah-compliant family insurance firm would sell the remaining 12.5 million shares (25% of 50 million shares) to retail investors at the strike price of Rs18.02 per share that would mobilise another Rs225.25 million to the company, “attracting a total of Rs901 million to the family takaful company through the IPO”, he added.
A press statement from PQFTL added the IPO book-building has concluded with an impressive oversubscription of 3.2 times, marking the first-ever IPO of a dedicated family takaful company at the PSX.
It was the first-ever IPO in Pakistan’s Islamic insurance (takaful) sector, Habib added, “reflecting strong market confidence in the company and its robust fundamentals”.
Proceeds from the IPO will support PQFTL in meeting capital requirements, expanding digital channels, and developing new customer-focused Takaful products.
PQFTL is Pakistan’s first and largest dedicated family takaful operator, commanding a 44% share of the overall family takaful market and a dominant 90.47% of the dedicated family takaful segment. It holds 6.6% of the country’s total life insurance business, the statement reads.
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Comprising of a nationwide sales network with 73 branches and 1,971 field representatives, PQTFL offers personalised investment and takaful solutions across Pakistan. PQFTL also has strategic partnerships with 14 leading banks to offer protection solutions through bank branches and digital platforms, according to the statement.
