The initial public offering (IPO) for Pak-Qatar Family Takaful Limited (PQFTL) concluded with substantial investor appetite, generating demand of Rs 1.67 billion against an initial target of Rs 525 million and culminating in the company raising Rs 676 million in a landmark listing.
According to a statement today, the book-building process, which was oversubscribed 3.2 times, saw the strike price settle at Rs 18.02 per share, a significant premium over the floor price of Rs 14.
Shahid Ali Habib, CEO of Arif Habib Ltd., the lead manager for the transaction, stated that this offering marks the first-ever IPO in Pakistan’s Islamic insurance (Takaful) sector. He added that the result reflects strong market confidence in the company and its robust fundamentals.
The capital raised from the public offering is earmarked to support PQFTL in meeting its capital adequacy requirements. The proceeds will also be allocated to expanding the company”s digital channels and for the development of new customer-focused Takaful products.
As Pakistan’s inaugural and largest dedicated Family Takaful operator, PQFTL holds a significant 44 percent share of the total family Takaful market. The company”s dominance is more pronounced in the dedicated family Takaful segment, where it commands a 90.47 percent share, while also representing 6.6 percent of the nation’s overall life insurance business.
The firm’s operations are supported by an extensive nationwide sales network, which includes 73 branches and 1,971 field representatives. Additionally, PQFTL has established strategic partnerships with 14 leading banks to offer protection solutions through their branch networks and digital platforms.