PQGTL IPO Attracts Rs4.74bn Bids in Pakistan's First General Takaful Listing
Karachi: 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 the issue size of Rs 225 million.
Successful bidders will be provisionally allotted 22,500,000. The remaining 7,500,000 shares will be offered to retail investors on 28-29 January.
Shahid Ali Habib, CEO of Arif Habib Ltd., the lead manager for the IPO said that country's first-ever IPO of any dedicated General Takaful Company has made a historic debut at PSX reflects 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.
The book-building process for Pak-Qatar General Takaful Limited's (PQGTL) Initial Public Offering (IPO) has commenced and will continue until January 22, with high-net-worth individuals and institutional investors subscribing to 75 percent of the issue, while the remaining 25 percent is reserved for the general public. Under the offering, the company is issuing 30 million shares within a price band of Rs10 to Rs14 per share, aiming to raise up to approximately Rs420 million. Retail investors will be able to subscribe during January 28–29.
This IPO marks Pakistan's first public offering by a dedicated general takaful company and follows the successful listing of Pak-Qatar Family Takaful Limited last month, which was oversubscribed by 3.5 times. According to the company, the listing will strengthen its paid-up capital to meet regulatory requirements and support future expansion. IPO proceeds will be used for technology upgrades, infrastructure, marketing, human resource development, and branch expansion, as PQGTL continues to broaden its Shariah-compliant insurance offerings for individual and corporate clients.