Insurance House IPO witness good demand
 
7th March 2011
IH-Logo-2016

Abu Dhabi, March 7, 2011 – The response during the first week of Insurance House’s IPO, which began on 27th February ‎and ends tomorrow 9th March, has been very encouraging. Mashreq, acting as the lead ‎receiving bank for this IPO has received good response across its branches. ‎ Abbas Hasan, Co-Head of Corporate Investment Banking Group, Mashreq said, “The first ‎week of subscription for shares of the company has witnessed promising demand from UAE ‎nationals and institutions. This reflects the market confidence in the success of the ‎Insurance House IPO.”‎ Abbas Hasan continued, “March 23rd 2011 has been set as the date to allocate shares and ‎refund the surplus funds collected.

As per the regulatory requirements, the refunds to the ‎subscribers will also include an interest component”. ‎ The Insurance House IPO is looking to raise AED66 million which is 55% of the Company's ‎authorized share capital of AED120 million. The subscription is open only for UAE nationals ‎and 100% UAE national owned companies. The shares will be listed on Abu Dhabi Stock ‎Exchange (ADX) and an announcement will be made later 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 share capital.‎ Mashreq’s branches, which are participating in the IPO, are strategically located across the ‎UAE. This offers better accessibility to potential subscribers and more exposure for the ‎issuing company. Other receiving institutions are National Bank of Abu ‎Dhabi, National ‎Bank of Fujairah, and Finance House.

A prospectus providing full ‎details of ‎the IPO and the ‎company, as well as a summary ‎offering document and ‎subscription application forms can be ‎‎collected from the participating branches of the four receiving ‎financial institutions. More ‎details about the IPO are available on ‎‎Insurance House website “www.insurancehouse.ae”.‎