The country's first initial public offering in more than two years just met the capital requirements necessary to list. Insurance House managed to raise Dh66 million, through an initial public offering, just hours before a 5pm deadline yesterday. "We had doubts that it would close," said a spokesman for Insurance House, adding that the IPO was not fully covered until midday yesterday." The listing, which was only open to UAE nationals, required a minimum subscription of 25,000 shares per investor for 55 per cent of the company. Non-nationals can buy shares in the company after it is listed on the Abu Dhabi Securities Exchange (ADX). A listing date has not yet been announced. Insurance House's board already owns 45 per cent. According to UAE regulations, all new insurance companies must be publicly listed, with a minimum capital of Dh100m and at least 55 per cent of shares floated to the public. Subscription requests were for the minimum amount of 25,000 shares, though some investors bought a "couple of million" shares, said Mr Majd Maaitah, the director of securities services at National Bank of Abu Dhabi, one of the four receiving banks for the IPO. "We had a variance between small and big investors and I received quite a good number of applications," Mr Maaitah said. The company will meet on April 3 to discuss the operations of the company, but is expected to commence operations in May. A listing date has not yet been decided.