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Sun 13 Mar 2011 11:01 AM

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Abu Dhabi’s Insurance House raises $18m in IPO

UAE’s first initial public offering in two years ‘breaks deadlock’ says company chairman

Abu Dhabi’s Insurance House raises $18m in IPO
FLOTATION PLAN Abu Dhabis Insurance House said it raised AED66m ($18m) in an IPO, the first IPO in over two years in the UAE (Getty Images)

Abu Dhabi’s Insurance House said Saturday it raised AED66m
($18m) in an initial public offering, the UAE’s first in more than two years.

“The IPO of Insurance House has broken the deadlock in the
struggling UAE IPO market since more than two and a half years," said
chairman Mohammed Al Qubaisi in a statement.

The company offered 55 percent of its capital to UAE
nationals. The shares will be listed on the Abu Dhabi exchange.

Mashreq is the lead receiving bank. The other participating
lenders are National Bank of Abu Dhabi, National Bank of Fujairah and Finance
House.

Finance House, the promoter of Insurance House, subscribed
to 36 percent of the company as part of the founders' share, which is 45
percent of the capital.

Insurance House plans to open up to 20 percent of its
shareholding to foreign ownership after the listing, the company said in February.

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