Pak-Qatar General Takaful Limited’s (PQGTL) IPO book-building has concluded with an historic oversubscription of 21x times, marking the first-ever IPO of a dedicated General Takaful company at PSX. Investors responded strongly, with the strike price closing at Rs 14 per share compared to the floor price of Rs 10. Total demand reached Rs 4.74 billion against an issue size of Rs 225 million.
Successful bidders will be provisionally allotted 22,500,000 shares. The remaining 7,500,000 shares will be offered to retail investors on January 28-29.
Shahid Ali Habib, CEO of Arif Habib Ltd., the lead manager for the IPO, stated that Pakistan’s first-ever IPO of a dedicated General Takaful Company made a historic debut at PSX, reflecting investor confidence in Pakistan’s fast-growing Takaful sector and PQGTL’s strong market position.
The proceeds from the IPO will be utilized to fund strategic initiatives including investments in software and other intangible assets, hardware & infrastructure, marketing & brand development, human resource enhancement, and the establishment of new branches, as well as the transformation of existing branches to improve operational efficiency and customer experience.