NLGIC shares listed on MSM
After the successful completion of initial public offering (IPO) of National Life & General Insurance Company (NLGIC), which was fully subscribed by investors, the company’s shares were listed on the Muscat Securities Market (MSM) on Wednesday.
After opening at 332bz, NLGIC shares closed at 320bz per share at the end of trading on Wednesday. According to market data, around 1.12mn shares of the company worth around RO383,603 were traded on the first day of listing.
A listing ceremony was held at the MSM and was attended by S Venkatachalam, CEO of NLGIC and Ahmed Saleh al Mahroon, director general of MSM as well as other senior members and dignitaries representing MSM, the company and external stakeholders.
Speaking at the occasion, Venkatachalam said, “We are glad for the support received for the IPO and thank each and every investor who has reposed faith in us and made this IPO a success. We assure our investors that we shall continue to work towards bettering our performances in terms of quality as well as numbers and create value for all our stake holders and share holders.”
Venkatachalam said, it has been a challenging journey for the last 13-14 years, ‘the company was successfully taken over and listed, and we are market leaders today’. Given the insurance penetration level in the country, the company has huge potential to grow.
The company’s IPO initially valued at RO21.2mn, the biggest in the insurance industry in Oman, was opened for subscription on October 22 and closed on November 20.
NLGIC has offered 66.25mn shares at an offer price of 320bz per share. As per the Capital Market Authority’s (CMA) mandate, 65 per cent of the offered shares were reserved for retail investors and 35 per cent for institutional investors.
The company’s growth story and its expertise in medical underwriting, plans to expand towards other countries has proposed a growth opportunity that has created a very strong demand from both institutional and individual investors to make this IPO a success, the company said in a press release.