Insurance House of Abu Dhabi almost doubles in trading debut

Stock surged 95 percent on first day of trading, firm was first to IPO in UAE for two years
Insurance House of Abu Dhabi almost doubles in trading debut
UAE IPO: Insurance House of Abu Dhabi raised AED66m ($18m) in an initial public offering in March
By Bloomberg
Mon 20 Jun 2011 11:57 AM

Insurance House of Abu Dhabi, which offers property and
casualty insurance, almost doubled in its debut on the Abu Dhabi Securities
Exchange on Monday.

The stock surged 94 percent to AED2 as of 11:07 am in the
emirate, after opening at AED1.15.

The company expects to break even in “less than two years,”
Insurance House Chairman Mohammed AlQubaisi said today in Abu Dhabi.

Insurance House of Abu Dhabi raised AED66m ($18m) in an
initial public offering in March, marking the UAE’s first listing in more than
two years.

The company offered 55 percent of its capital to UAE
nationals but said in February it planned to open up to 20 percent of its
shareholding to foreign ownership after the listing, the company said in
February.

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