QLM Life & Medical Insurance Company (QLM), which recently announced a 60% initial public offering (IPO) at QR3.15 apiece to raise as much as QR659.4mn, has enjoyed continuous profits since its establishment over nine years ago, the company said. As a result, QLM has accumulated sizeable undistributed profits, reserves and surpluses on its balance sheet over and above its share capital. IPO investors will have access to these, resulting in an offer price with a premium over the historical book value, QLM said in a statement on Sunday. In terms of global norms on IPO pricing, QLM stated that pricing IPOs at premiums to historical book values for businesses with successful track records
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