A 16 million USD IPO will be launched by Abu Dhabi’s Insurance house. This will occur on February 27, and is the first in the United Arab Emirates since two years.
Sunday 27 February will be the opening day for subscription and will end 9 March. The UAE has not seen an IPO in about two years as the global economic downturn and Dubai’s debt crisis dented investors’ appetite.
Finance House has subscribed to 36 percent of the founder’s share capital of 54 million dirhams ($14.70 million) or 45 percent of the capital.
Mohammed al Oubaisi, Chairman of Finance House said that they are investing money and reputation in this new company and they are confident of the success of this IPO.
The IPO is being advised by FH Capital, the wholly owned investment banking subsidiary of Finance House.
Insurance House is set to commence operations within a record time from the date of completion of the IPO, the statement said without being more specific.
