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Abu Dhabi’s UNB says IPO for its Islamic insurer JV heavily oversubscribed

The shares were priced at $27.23 (100 dirham)each, plus 1 dirham as issuing expenses

Published: Updated:

Abu Dhabi’s Union National Bank (UNB) said on Thursday an initial public offer for its new Islamic insurer joint venture Orient UNB Takaful, was more than 13 times oversubscribed.

The IPO is set to be the first in the UAE since 2015.

UNB announced last November it was setting up the insurance venture with Orient Insurance Company, with the pair holding a 70 percent stake and the remaining 30 percent to be offered through an IPO.

The shares were priced at $27.23 (100 dirham)each, plus 1 dirham as issuing expenses, UNB said.

The IPO subscription was open from November 29 until December 15, 2016, it added.

A source said the listing would be completed within a few weeks.