Insurance House Opens its IPO
 
26th February 2011
IH-Logo-2016

Abu Dhabi, February 26, 2011 – The Initial Public Offering (IPO) of Insurance House, an under ‎establishment Abu Dhabi-based insurance company, will open for ‎subscription on Sunday, 27 February, 2011. ‎ The AED 66 Million IPO, which closes on 9 March, consists of 55 per ‎cent of the Company's authorized share capital of AED 120 Million.

The ‎Founders share of capital of AED 54 Million (or 45 per cent of capital) ‎has been subscribed with Finance House taking 36% of the company. ‎The share price has been set at AED 1.00 per Offer Share with ‎subscription fee of 3.5 fils per share.‎ UAE Nationals, UAE private and public entities, and federal and local ‎governmental entities can apply for a minimum of 25,000 shares, and ‎additional shares can be applied for in multiples of 5,000. The ‎allotment will be on a pro-rata basis, and the allotment and refund ‎date has been set on 23 March, where by investors, and for the first ‎time in the UAE, will be earning interest on their oversubscribed ‎amount. ‎

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. ‎

Mohammed Abdulla Alqubaisi, Chairman of Insurance House Founders ‎Committee and Chairman of Finance House said: “The IPO is the first ‎in the UAE in over two and a half years, and represents an outstanding ‎achievement in the progress of capital markets in the UAE.

Given our ‎experience in the UAE market, as well as our partnership with such ‎leading banks, we are confident of the success of this IPO, and we ‎remain committed to providing full strategic and tactical support to ‎ensure successful achievement of this IPO and consequently a solid ‎start for the company”‎.

The IPO Advisor is FH Capital, the wholly owned DIFC based ‎investment banking subsidiary of Finance House. Insurance House has appointed Mashreq Bank as the lead receiving ‎bank, with the participation of the National Bank of Abu Dhabi (NBAD), ‎National Bank of Fujairah (NBF) and Finance House (FH) as receiving ‎banks. ‎ The four participating banks will have a network of 28 branches spread ‎strategically approach across the UAE, allowing maximum exposure, ‎where by 8 branches will be in Abu Dhabi, 6 in Dubai, 4 in Sharjah, 3 ‎in Fujairah, 2 in Ras al Khaimah, 2 in Al Ain, 1 in Umm al Quwain, 1 in ‎Ajman, and 1 in Madinat Zayed . ‎

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”. ‎