Addleshaw Goddard has acted as lead international advisor on the successful £222m IPO of QLM Life and Medical Insurance Company. QLM is the leading life and medical insurance company in the State of Qatar and formerly a member of the Qatar Insurance Group, the largest insurer in the region. The successful IPO was the first on the Qatar Stock Exchange (QSE) since 2019.
The AG team was led by Ahmad Anani, and included Dean Jaloudi and Monita Barghachie.
The IPO comprised a sell-down of 210 million shares held by Qatar Insurance. The offering was oversubscribed and on 13 January 2021 the company began trading on the Qatar Exchange under the symbol QLMI. Its market capitalisation at IPO is QAR 1,099,000,000 (approx. £222m).
This represents the second IPO Addleshaw has advised on in the Qatari market, having represented the issuer on the Baladana IPO. Addleshaw Goddard (GCC) LLP continues to be an active player in the Qatari market and has expanded its team and operation over the past few years.
Ahmad Anani, the partner who led on the IPO and the Head of Qatar office of the firm, said: "Addleshaw Goddard is very excited to be part of this successful IPO and to work with an esteemed team from QLM and the other excellent advisors including our local counsel the office of Ayedh Al Adhba.
Addleshaw is fully committed to the Qatari market and the development of the capital markets in the country. The country has taken huge strides to upgrade and evolve its capital markets from many perspectives which culminated in the addition of attractive issuers like QLM."