(MENAFN- The Peninsula) The Peninsula
Doha: QInvest LLC, in its capacity as Listing Advisor and Offering Manager, has announced the successful closing of the first ever book building subscription in Qatar, for the initial public offering of MEEZA QSTP LLC on the Qatar stock exchange Main Market.
The book building period successfully concluded on March 6, 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 QR 2.17 per share.
Co-Chief Executive Officer of QInvest LLC, 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”.
Co-Chief Executive Officer of QInvest LLC 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% of the Offering), at the offer price of QR 2.17 concluded by the book building mechanism; further detailed announcements will be made in due course.
QInvest would like to thank the regulatory authorities, Qualified Investors, and MEEZA senior management for their support throughout the process, resulting in the successful conclusion of the first ever official book building exercise in Qatar.
This announcement relates specifically to conclusion of Book Building Subscription Period for Qualified Investors in accordance with the book building mechanism issued by QFMA and the terms and conditions of the Application for the Irrevocable Commitment to Purchase Shares in the Company in accordance with the Book Building Mechanism.