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Abu Dhabi Securities Exchange (ADX) will list Green Crescent Insurance Company, an Abu Dhabi-based health insurance company, on its exchange tomorrow, making it the 66th company to be listed on ADX. This listing takes the total number of companies in the insurance sector up to 15.
Green Crescent’s share capital is AED250 million, issued at a nominal value of AED1. The Initial Public Offering (IPO) was oversubscribed by 70 times. Abu Dhabi-based CAPM Investment was the lead manager and financial adviser for the IPO. Up to 25% of the shares can now be owned by non-GCC nationals.
Tom Healy, CEO of ADX, welcomed Green Crescent to the market and said that the success of their IPO was a positive sign for Abu Dhabi’s capital markets:
“We are delighted to welcome Green Crescent to ADX. There has been a lot of interest in their successful IPO, especially from local investors. This is a positive sign, particularly in the current market conditions.”
“This is a milestone event in the company’s history and an exciting time for the health insurance industry as this sector is currently experiencing dramatic growth,” said Carl J. Sardegna, CEO of Green Crescent. “The money raised through our IPO will help us expand and reach our goal of becoming the leading quality provider of health insurance in the region.”
Green Crescent was established in 2008 and is the first dedicated health insurance company in the private sector. With an eminent board of directors, the company endeavors to change the way people have been viewing health insurance. A locally based company, it brings international expertise and an exhaustive local, regional and international provider network through its associates. Education for disease prevention and effective management of chronic diseases, in an effort to make healthcare more cost effective for its members, is central to its mission.
