Pak-Qatar Family Takaful, a Shariah-compliant insurance company, plans to raise PKR1.1bn ($3.9m) through an initial public offering (IPO) next month, taking advantage of the Pakistan Stock Exchange's (PSX) record-breaking rally, Bloomberg reported.
Arif Habib Limited (AHL) is serving as the lead manager and book runner for the transaction. According to AHL CEO Shahid Ali Habib, Pak-Qatar Family Takaful will offer 50m shares at a price of up to PKR21 per share through a book-building process.
Mr Habib said the IPO proceeds will be used to meet the company’s minimum capital requirement, expand its digital services, and develop new customer-oriented insurance products.
The company's current shareholders include several Qatari institutions, such as Qatar Islamic Insurance Company and Qatar International Islamic Bank.