Karachi: Pak-Qatar General Takaful Limited's (PQGTL) recent Initial Public Offering (IPO) has concluded with a record-breaking oversubscription of 21 times, marking a significant milestone as the first IPO of a dedicated General Takaful company on the Pakistan Stock Exchange (PSX). The IPO's striking success reflects the strong market interest and investor confidence in the company and the Takaful sector.

According to Pak-Qatar Family Takaful, investors demonstrated substantial interest, leading to the strike price closing at Rs 14 per share, surpassing the floor price of Rs 10. The total demand reached Rs 4.74 billion, underscoring the robust market appetite for PQGTL's offering. As part of the process, successful bidders will be provisionally allotted 22,500,000 shares, while the remaining 7,500,000 shares are set to be offered to retail investors on January 28-29.

Shahid Ali Habib, CEO of Arif Habib Ltd., the lead manager for the IPO, remarked that the historic debut of the country's first dedicated General Takaful company on the PSX indicates investor confidence in the fast-growing Takaful sector and PQGTL's strong market position. The company plans to use the IPO proceeds to fund strategic initiatives, including investments in software, infrastructure, marketing, human resources, and the establishment and transformation of branches to enhance operational efficiency and customer experience.

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