$135mn IPO listing approval for Qatar's IHG

Qatar's first Qatari family business is to list its shares - valued at about QR491mn ($135mn)- on the Qatar Stock Exchange (QSE) through a public issue

Qatar's first Qatari family business is to list its shares - valued at about QR491mn ($135mn)- on the Qatar Stock Exchange (QSE) through a public issue.
Qatar's first Qatari family business is to list its shares - valued at about QR491mn ($135mn)- on the Qatar Stock Exchange (QSE) through a public issue.

The Qatar Financial Markets Authority has given the nod to Investment Holding Group (IHG) to list 60% of its paid-up share capital through an Initial Public Offering (IPO).

IHG is one of the leading contracting and trading firms in Qatar’s construction sector.

Winning this approval makes it the first Qatari family business to list its shares on the Qatar Stock Exchange (QSE) through a public issue, TradeArabia News Service reported.

The total value offer will be about QR491mn ($135mn), which represents about 60% of the group’s QR830mn ($228mn) capital.

It stated that the shares included in the offer numbered 49.8 million at a pricing of QR10.1 ($2.8) per share and the offer period will be open for two weeks starting from 8 January to 22 January, 2017.

The IPO is offered through The Commercial Bank and can be directly subscribed to by local companies registered in Qatar or companies incorporated in the country and listed on the Qatari stock exchange, as well as individual Qatari citizens, IHG stated.

The minimum application by an individual investor or an institutional investor is set at 500 shares; any application exceeding the minimum application shall be in groups of 100 offer shares, it added.

By listing on the QSE, IHG pointed out that the decision was in line with its vision to continue contributing to the development of the local Qatari economy, while increasing its shareholder base.

Commenting on the IPO, the chairman of IHG’s board of directors, Ghanim Sultan Al Hodaifi, said that the Qatar private sector was increasingly playing an integral role in further developing the economy, and is proving to be “a real partner in supporting the government’s efforts towards achieving a sustainable economy and society”.

He added: “Our proposed listing is also a clear achievement in line with the objectives of Qatar’s National Vision 2030 to facilitate collaboration between the public and private sectors.”

Wael Shtayyeh, CEO, pointed out that the private sector should contribute to the financial market performance through additional listings, as this would widen the diversity of the listed sectors and increase investor confidence in the long-term plans of the listed companies.

Shtayyeh said the company’s board was proud to offer the Qatari financial markets its first case of listing a family business through an IPO as a first public shareholding company.
 

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