Business | General
Green Crescent's initial public offering oversubscribed 70 times
Insurance company intends to refund excess money before July 8
- Staff Report
- Published: 00:07 June 27, 2008
Dubai: The initial public offering (IPO) of Green Crescent Insurance Company has been 70 times oversubscribed, said a release issued by Abu Dhabi-based CAPM Investment, the lead manager and financial advisor to the company.
The IPO closed on June 24 following a 10-day subscription period launched on June 14.
Yasser Geissah, chief executive, CAPM Investment, said: "The result of the IPO has shaped up according to our expectations, demonstrating investors appetite in the region for similar investment opportunities especially with the considerable development in the health insurance sector in the UAE.
"From our understanding of the UAE market and our long experience in the investment banking industry and IPO management, we expected the success of the Green Crescent IPO and the overwhelming interest from investors to the company's shares. We would like to thank them for showing trust and faith in Green Crescent".
The company intends to refund excess money before July 8 and it plans to list Green Crescent on the Abu Dhabi Securities Exchange within a month from the date of announcing its incorporation.
Upon listing, the shares can be traded among investors from UAE, GCC and foreigners providing that ownership of non-UAE investors do not exceed 25 per cent of the capital.
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