Muscat : The shares of Takaful Oman Insurance , the second Islamic insurance firm in the country, edged up 1.96 per cent on the first day of listing on the Muscat Securities Market (MSM). The company's share gained merely two baisas to close at 104 baisas, against an issue price of 102 baisas, amid demand for 13.4 million shares on debut. The share touched a high of 106 baisas, when the session progressed, but declined to 103 baisas, before settling down at 104 basias on closing in a range-bound trading. Almost 33.5 per cent of the total size of the issue was traded on the bourse yesterday. "A sizable number of retailers must have sold their holding in Takaful Oman Insurance ," noted a market analyst. Market analysts also said that the same trend is likely to continue in the coming days, as buying support is not expected from institutions. Takaful Oman Insurance has offered 40 million shares at 102 baisas per share, which included a nominal value of 100 baisas and two baisas as issue expenses. The company's OMR4 million -share offer was oversubscribed to the tune of five-and-a-half times — four times in the case of retail segment and seven times by institutional investors. Those who applied for 100,000 or less received a minimum of 5,000 shares and for all applications above 5,000 shares were given 7.6 per cent allotment. Also, those who applied for 100,100 shares or more (institutional investors) were allotted 15 per cent of the application.
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