Pak-Qatar General Takaful Limited’s (PQGTL) initial public offering (IPO) book-building process has concluded with a historic 21 times oversubscription, marking the first-ever IPO of a dedicated general takaful company on the Pakistan Stock Exchange (PSX).
Investor interest remained strong throughout the process, with the strike price closing at Rs. 14 per share, above the floor price of Rs. 10. Total demand for the offering reached Rs. 4.74 billion, reflecting robust appetite for the company’s shares.
Under the book-building, successful institutional and high-net-worth bidders will be provisionally allotted 22.5 million shares, while the remaining 7.5 million shares will be offered to retail investors on January 28 and 29.
Commenting on the development, Shahid Ali Habib, CEO of Arif Habib Limited, the lead manager to the issue, said the country’s first IPO of a dedicated general takaful company had made a historic debut at PSX, highlighting strong investor confidence in Pakistan’s fast-growing takaful sector and PQGTL’s market position.
The company said proceeds from the IPO will be used to fund strategic initiatives, including investments in software and other intangible assets, hardware and infrastructure, marketing and brand development, human resource enhancement, expansion through new branches, and the transformation of existing branches to improve operational efficiency and customer experience.