QBE’s $150 million retail capital raising has been oversubscribed and the allocation to shareholders will be scaled back.

The raising attracted more than 75,000 retail applications for the 14 million shares on offer.

Retail investors will be paying $10.70 a share, the same price as the institutional placement.

At the end of February, QBE raised $450 million from both local and overseas institutional investors. That offer was also oversubscribed.

As of this morning, QBE’s share price was $14.25 a share.