QInvest Successfully Closes Qatar’s First Book Building Exercise for MEEZA’s IPO

QInvest LLC, in its capacity as Listing Advisor and Offering Manager, announced the successful closing of the first ever book building subscription in Qatar, for the initial public offering (IPO) of MEEZA LLC on the Qatar Stock Exchange Main Market.

The book building period successfully concluded on 6 March 2023, in line with previous announcements issued by QInvest LCC. The Order Book closed with the successful subscription of Qualified Investors above the minimum threshold of 30 percent of the offered shares as required by the Qatar Financial Markets Authority (QFMA).

The book building subscription, totaling 37.41 percent of the total Offering, comprised of a group of seven institutional investors led by Qatar’s Sovereign Wealth Fund – Qatar Investment Authority (QIA) – as well as the civil and military pension funds which are managed by the General Retirement and Social Insurance (GRSIA), including General Authority for Minors Affairs (GAMA). Other investors were Qatar Insurance Company (QIC) and Doha Insurance Group (DIG), and an investor from the private sector Al Khor Holding (AKH).

The balance of 62.59 percent of the Offering will be available for subscription by individuals and corporates after completion of the necessary regulatory filings. The Order Book was closed at a final offer price of QAR 2.17 per share.

Commenting on the successful conclusion of the book building, Co-Chief Executive Officer of QInvest Hussain Abdulla said: “QInvest is pleased to be contributing to the successful development of Qatari equity capital markets, by following the book building mechanism to transparently price and launch the public offering to individual and corporate investors. This development represents a step towards opening the door to international investors for future equity capital markets and IPO initiatives”.

For his part Co-Chief Executive Officer of QInvest Hussein Fakhreddine, commented on the conclusion of the book building period, saying: “Final pricing of the shares driven by the investors themselves is a testament of the effectiveness of the book building mechanism to transparently price the IPO based on supply and demand, factoring in market conditions and orders received from Qualified Investors”.

The public offering to individual and corporate investors is expected to begin during the first half of June 2023 (subject to the completion of the necessary regulatory filings), and will be comprised of 203,097,000 shares (62.59 percent of the Offering), at the offer price of QAR 2.17.

Source: Qatar News Agency

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