Qatar-backed insurer to raise PKR 1.1B through Pakistan IPO

Pak-Qatar Family Takaful Limited, one of the leading insurance providers of Pakistan, is set to list on the Pakistan Stock Exchange (PSX) to raise approximately PKR 1.1 billion.

Pak-Qatar Family Takaful Limited is Pakistan’s first and largest company dedicated exclusively to family takaful or Islamic insurance. It has a 44% market share of family takaful and a 90.47% market share of the dedicated family takaful segment, and 6.6% of total life insurance business share.

The company, backed by Qatar’s financial sector, also has strategic partnerships with 14 leading banks to offer protection solutions through bank branches and digital platforms.

According to the company, the registration for book building will start on December 8, 9, and 10, while book building will start from December 11 to 12.

Pak-Qatar Family Takaful Ltd will offer 50 million shares at up to PKR 21 per share through book building. It will start at PKR 14 per share and can go up to PKR 21 per share with a maximum price band of up to 50%.

Out of the total 50 million shares, 37.5 million will be allotted through book building to institutional buyers, and the remaining 25% — 12.5 million — shares will be issued to the general public.

The planned listing follows a record-setting performance by Pakistan’s benchmark index, which recently hit all-time highs. Analysts say the rally is being driven by stabilizing inflation, increased political stability, and renewed foreign investor interest in emerging markets.

Shahid Ali Habib, CEO of Arif Habib Ltd., the lead manager for the IPO, said that it would be the first-ever public listing of any dedicated family takaful or Islamic insurance company in Pakistan.

The IPO proceeds will help the insurer meet minimum capital requirements, expand its digital channels, and develop more customer-focused products, Habib said.