Pakistan Stock Exchange Announces Listing Of Adamjee Life Insurance

Pakistan Stock Exchange on Tuesday announced the listing of Adamjee Life Insurance Limited at a Gong Ceremony. ALACL was listed on PSX on March 4, 2022

KARACHI, (UrduPoint / Pakistan Point News - 7th Mar, 2022 ) :pakistan stock exchange on Tuesday announced the listing of Adamjee Life Insurance Limited at a Gong Ceremony. ALACL was listed on psx on March 4, 2022.

Chairperson of PSX, Dr Shamshad Akhtar, PSX Managing Director, Farrukh H Khan, Chairman of Nishat Group, Mian Muhammad Mansha; CEO ALACL, Umer Mansha, CEO of Next Capital Limited Najam Ali were also present.

NCL was the Lead Manager and Book Runner. The gong was struck by Chairman Nishat Group, Mian Muhammad Mansha, and by the CEO of ALACL, Mian Umer Mansha, in the presence of the senior management of PSX, ALACL and NCL.

PSX Managing Director Farrukh H Habib said the listing follows the offer of 25,000,000 ordinary shares of par value Rs 10 i.e. 10% of the total post-IPO paid-up capital of the company, through the book building process. The entire offer of 25,000,000 shares was offered through book building process at a floor price of Rs 28 per share. Initially, 75% of the offer size was allotted to the successful bidders and 25% of the Offer was offered to retail investors, he said.

The book building phase of the Offer attracted significant response from investors with the offer being oversubscribed by 1.04x by value and 1.03x by volume or number of shares.

The strike price being Rs 28/- per share. 81 investors took part in the book building, of which 53 investors became successful participants.

He said applications for a total of 1,453,500 ordinary shares against the Offer size of 6,250,000 ordinary shares were received in the general public portion of the Offer. The EIPO system of PSX also attracted good response from investors as a total of 154 applications for 150,000 shares were filed through the EIPO system.

The principal purpose of the Offer for Sale of shares of Adamjee Life Assurance Company Limited was to enable the holding company to realise a gain on its investment in ALACL, broaden the shareholder base of ALACL by bringing in public shareholders, HNWIs and FIs, which will aid in increasing ALACL's transparency and enhance good governance measures. Farrukh H Khan said that PSX was very pleased to welcome Adamjee Life Assurance Company Limited to the Main board of PSX - the seventh equity listing for the fiscal year 2021-22.

The inclusion of a company dedicated to providing life assurance to its subscribers is a welcome development for the capital market as it is the first Life Assurance Company being listed on the Exchange since 1996. He said this shows there is a lot of potential for the banking, insurance and financial sector to raise capital from the capital markets.

On successful closing of IPO of Adamjee Life, Chairman of Nishat Mian Muhammad Mansha expressed his gratitude and thanked valued investors for their confidence by subscribing to the Offer.

He also appreciated the trust of the policyholders and efforts of management and employees in making Adamjee Life the 3rd largest life insurance company in private sector and making it a profitable entity within a short span of time and congratulated them on enlistment.

Mansha said that looking at the low penetration of life insurance together with high penetration of cellular density in Pakistan, there was a huge potential of growth and untapped market for insurers to explore by introducing new channels and products.