Union National Bank (UNB) said on Thursday that the IPO for its new Islamic insurer joint venture Orient UNB Takaful, was more than 13 times oversubscribed. The IPO is set to be the first in the UAE since 2015. UNB announced last November it was setting up the insurance venture with Orient Insurance Company, with the pair holding a 70% stake and the remaining 30% to be offered through an IPO. The shares were priced at AED100 (USD27.23) each, plus AED1 as issuing expenses, UNB said. The IPO subscription period lasted from November 29 until December 15, 2016. A source said the listing would be completed within a few weeks. (Reuters)