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The Initial Public Offer (IPO) of National Takaful Company (Watania), which opened on 18 April for subscription and, closed 1 May 2011, received an overwhelming response from investors with the issue being oversubscribed seven times. At the close of the public offer, applications for 590 million shares were received for the 82.5 million shares made available to the public. Approximately 20 million shares, or 13.33 per cent of the total share capital, were open only to UAE individual national retail investors and 62 million shares were made available to UAE, GCC, and other retail and institutional investors. Watania's founding shareholders, Abu Dhabi National Islamic Finance (ADNIF), Abu Dhabi National Insurance Company (ADNIC), Abu Dhabi National Energy Company (TAQA) and Aldar Properties (ALDAR) have subscribed to an aggregate value of AED 67.5 million ($18.3 million) shares, representing 45 per cent of the total share capital of AED 150 million ($40.8 million). The remaining 55 per cent of the shares, valued at AED 82.5 million ($22.46 million) comprised the IPO.