Qatar’s First IPO Since 2019 Sees Shares in QLM Soar 24%
- Restoration of ties with Gulf neighbors boosts Qatar companies
- Qatar Insurance Co. to use proceeds to expand businesses: CIO
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The shares of QLM Life & Medical Insurance Co. jumped as they debuted on Qatar’s stock exchange, as the restoration of ties between the gas-rich nation and its Gulf neighbors cleared the way for businesses to expand outside of their home market.
The stock soared 24% to 3.90 riyals by the close after the first initial public offering on the Doha-based bourse since 2019. Qatar Insurance Co., which will retain a 25% stake in QLM after raising 659 million riyals ($180 million) from the sale, finished 0.2% lower while the main equities index in Qatar ended slightly higher.