Shares of QLM Life & Medical Insurance Company QPSC (“QLM”) were in high demand on the first day of trading on the Qatar Exchange on Wednesday January 13. Following the anticipated joyful listing ceremony which was held at the Qatar Exchange headquarters, the first day of trading provided the first opportunity for all investors who were not eligible to participate during the IPO subscription period, to purchase shares in the market alongside investors who wished to purchase additional shares.
The share price continuously increased throughout the trading session, reaching its daily high at QAR 3.967 per share before closing shortly afterwards at QAR 3.90 per share. The first day share price increase compared to the IPO price of QAR 3.15 represents a remarkable first day trading performance of 23.81%. The share price increase was supported by strong liquidity in the share, noticeable by the volume of shares traded (38,606,509 shares changed hands) and a trading volume of QAR 141,786,547. The market capitalisation of QLM at the closing price stands at QAR 1.365 billion.
Mr. Fahad Mohamed Al Suwaidi, CEO of QLM commented: “The QLM IPO represents the beginning of a new phase of development for our Company. I am delighted at the positive response of the market on the first date of trading, which is a sign of investors’ trust in the company. I would like to thank my colleagues, our clients, the regulatory authorities and our partners for their contribution to the QLM success story.”
The admission to trading of QLM shares brings the number of listed companies on the Qatar Exchange to forty-eight. The shares of QLM trade under the symbol “QLMI” and are classified in the insurance sector.