Karachi: Pak-Qatar General Takaful Limited (PQGTL), a division of the Pak-Qatar Group, is set to make history as Pakistan's first dedicated Shariah-compliant non-life takaful provider to go public. The company plans to launch an Initial Public Offering (IPO) next week, aiming to raise up to Rs. 420 million, as outlined in a recent company statement.

The book-building process for this offering is scheduled for January 21-22, with investor registration commencing on January 16. PQGTL will issue 30 million shares, with prices ranging from Rs. 10 to Rs. 14 per share. Of these, 22.5 million shares will be reserved for institutional investors, while 7.5 million will be available to the general public on January 28-29.

Upon completion of the IPO, PQGTL will be the first dedicated general takaful operator to join the Pakistan Stock Exchange (PSX), coinciding with the KSE-100 Index reaching new highs. The listing is part of a strategic initiative to bolster the company's paid-up capital, aligning with regulatory requirements and supporting future growth.

Arif Habib Limited has been appointed as the consultant and book runner for the IPO, marking another milestone after the recent successful listing of Pak-Qatar Family Takaful Limited (PQFTL). The PQFTL IPO raised Rs. 901 million and was oversubscribed by 3.5 times, indicating strong interest in Shariah-compliant products.

The funds from the IPO will support various strategic developments, including investments in technology, marketing, human resources, and the expansion and transformation of branch networks.

Backed by Qatar-based financial institutions, PQGTL is part of Pakistan's pioneering Islamic financial services group, offering a wide array of Shariah-compliant general takaful products. The Securities and Exchange Commission of Pakistan has approved PQGTL's IPO prospectus, noting a surge in IPO activity on the PSX this fiscal year, with PQGTL's being the sixth on the Main Board.