Pak-Qatar General Takaful Limited’s IPO’s book building process will start today and continue until January 22nd, where high net worth individuals and institutional investors will subscribe to 75 percent of the issue size while the remaining 25% will be allocated to the general public.
Under the current offering, PQGTL will issue 30 million shares, with a floor price of Rs. 10 per share and a ceiling price of Rs. 14 per share. Of the total offering, 22.5 million shares (75%) will be allocated to institutional investors, while 7.5 million shares (25%) will be offered to the retail public. The general public subscription is scheduled for January 28–29.
Through this IPO, PQGTL aims to raise up to ~Rs. 420 million. The book building would start at Rs.10.00 per share with a maximum price band of up to 40%, it can go up to Rs. 14.00 per share.
Shahid Ali Habib, CEO of Arif Habib Ltd., the lead manager for the IPO, stated that Pakistan’s first-ever IPO of any dedicated General Takaful Company is all set to make a historic debut at PSX which is receiving strong interest from HNWIs and institutional investors.
The listing forms part of PQGTL’s strategy to enhance its paid-up capital base, enabling the company to meet applicable regulatory capital requirements for non-life insurers and Takaful operators while supporting future growth initiatives.
The IPO follows the successful listing of Pak-Qatar Family Takaful Limited (PQFTL) last month which raised Rs. 901 million in Pakistan’s first-ever Islamic insurance sector IPO at a strike price of Rs. 18.02 per share. That offering, Pakistan’s largest dedicated family takaful IPO, was oversubscribed by 3.5 times reflecting strong investor appetite for Shariah-compliant financial products.
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, the establishment of new branches, as well as the transformation of existing branches to improve operational efficiency and customer experience.
The Company’s sponsors currently hold 69.28% shares, Directors own 7.88%, related family members have 6.89%, and other individual investors own 15.95% of the shareholding.
PQGTL offers a comprehensive range of Shariah-compliant Takaful solutions designed to meet the diverse risk protection needs of both individual and corporate clients. Its offerings are customized to provide financial security for personal requirements while addressing the complex risk management needs of businesses across various sectors.