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Tue 15 Feb 2011 12:08 PM

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Insurance House of Abu Dhabi to sell shares in IPO from Feb 27

Shares valued at AED66m ($18m), or a 55% stake in company, will be offered to the public

Insurance House of Abu Dhabi to sell shares in IPO from Feb 27
Qatari investor stock exchange

Insurance House of Abu Dhabi, a unit of Finance House, plans to sell shares in an initial public offering from February 27 to March 9, the first IPO in the UAE in two years.

Mashreqbank, National Bank of Abu Dhabi, National Bank of Fujairah and Finance House will manage the sale, Finance House said in an e-mailed statement on Monday.

Shares valued at AED66m ($18m), or a 55 percent stake in the company, will be offered to the public.

The founders’ share of capital of AED54m has been subscribed, with Finance House taking a 36 percent stake, according to the statement. It didn’t provide pricing details.

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