#Qatar Insurance's medical unit seeks to raise $180 million through share listing | Reuters

Qatar Insurance's medical unit seeks to raise $180 million through share listing | Reuters

Qatar Insurance Co’s QLM Life and Medical Insurance Co plans to list on the local stock exchange and raise 659.4 million riyals ($180 million) in an initial public offering.

The company, the largest provider of group medical insurance in Qatar, is offering 210 million shares, or 60% of its outstanding stock, at 3.15 riyals per shares, Qatar Insurance said in a statement.

QIC will keep a 25% stake in QLM after the listing and with other founders will have a combined 40% stake in the company, it said in a statement.

Subscription for the deal will open on Dec. 19 and the offer will close on Dec 23. Anchor investors such the General Retirement and Social Insurance Authority, Doha Insurance Group QPSC and Qatar Ports Management Co will subscribe for a total of 52.5 shares or 15% of the company’s share capital.