AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Pak-Qatar Family Takaful Limited’s (PQFTL) recent initial public offering (IPO) has exceeded expectations, being oversubscribed by 3.2 times. This marks a significant achievement as it is the first IPO of a dedicated Family Takaful company to be listed on the Pakistan Stock Exchange (PSX).
The IPO’s success was highlighted by the strike price closing at Rs 18.02 per share, surpassing the initial floor price of Rs 14. The total demand for shares reached Rs 1.67 billion, well above the initial issue size of Rs 525 million, resulting in a total equity raising of Rs 676 million.
Shahid Ali Habib, CEO of Arif Habib Ltd., which acted as the lead manager for the IPO, noted that this offering is a milestone for Pakistan’s Islamic insurance sector. It demonstrates strong investor confidence in the company’s performance and prospects.
The funds raised through the IPO will support PQFTL in fulfilling capital requirements, expanding its digital channels, and developing new Takaful products focused on customer needs.
As Pakistan’s first and largest dedicated Family Takaful operator, PQFTL holds a 44 percent share of the family Takaful market and commands a dominant 90.47 percent share in the dedicated family Takaful segment. Additionally, it represents 6.6 percent of the country’s total life insurance market.
With a comprehensive sales network comprising 73 branches and 1,971 field representatives, PQFTL offers a range of investment and Takaful solutions nationwide. The company also maintains strategic partnerships with 14 leading banks to provide protection solutions through bank branches and digital platforms.