January 12, 2017 / 4:19 PM / 7 months ago

Abu Dhabi's UNB says IPO for its Islamic insurer JV heavily oversubscribed

DUBAI, Jan 12 (Reuters) - Abu Dhabi's Union National Bank (UNB) said on Thursday an initial public offer for its new Islamic insurer joint venture Orient UNB Takaful, was more than 13 times oversubscribed.

The IPO is set to be the first in the United Arab Emirates since 2015.

UNB announced last November it was setting up the insurance venture with Orient Insurance Company, with the pair holding a 70 percent stake and the remaining 30 percent to be offered through an IPO.

The shares were priced at 100 dirham ($27.23) each, plus 1 dirham as issuing expenses, UNB said. The IPO subscription was open from Nov. 29 until Dec. 15, 2016, it added.

A source said the listing would be completed within a few weeks. ($1 = 3.6726 UAE dirham) (Reporting by Tom Arnold; Editing by Alexandra Hudson)

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