UAE-based insurer becomes 65th listed company on Abu Dhabi Securities Exchange
UAE-based Insurance House was listed on the Abu Dhabi Securities Exchange (ADX) on 20 June. The company, which speciliases in insurance products and services will operate under the ticker “IH”.
“Insurance House has obtained all regulatory and legal approvals related to listing and trading in its shares … the listing of IH is very important for the market and the company,” says Rashed al-Baloushi, deputy chief executive and director of operations at ADX.
IH is ADX’s 65th listed company and the 16th insurance company. The bourse encouraging more companies to list their shares in the market as part of the Abu Dhabi Vision 2030.
The company raised $18m in an initial public offering (IPO) in March, offering 55 per cent of its capital to UAE national. It was the first IPO in the UAE in two years.
The stock opened at AED1.15 on the first day, surging by 94 per cent to AED2, before declining down to AED1.05 by midday.
“With the support of Finance House being the major shareholder, we have kept our pledge to investors and officially launched the operations at a record period of time, allowing us to minimise setup and establishment costs,” says Mohammed Abdulla Alqubaisi, chairman of Insurance House.