IT services firm to be Qatar's first to use book building for IPO
Qatari IT services firm MEEZA will be the first company in the country to use book building to carry out an initial public offering, it said in a statement on Sunday, as Qatar aligns itself with... |…

DUBAI, Jan 8 (Reuters) - Qatari IT services firm MEEZA
will be the first company in the country to use book building to
carry out an initial public offering, it said in a statement on
Sunday, as Qatar aligns itself with international practices. The company, part-owned by telecom operator Ooredoo
, said it is selling 50% of its share capital in a
public-share sale with a planned listing on the Qatar Stock
Exchange. The IPO process, which begins this month, will allow the
company to offer a price range to test investors' appetite and
determine the IPO price. The offering's price range is between 2.61 riyals ($0.7135)
to 2.81 riyals per share, which could raise between 846 million
and 911 million riyals. Qatar introduced the regulations for book building in
February 2021 to help entice foreign investors and elevate its
status towards a developed market. Until now, the standard practice in Qatar has been for a
company to set a price based on feedback from two independent
valuation reports. In its statement, MEEZA said the book building would follow
regulator the Qatar Financial Markets Authority's offering and
listing regulations, including "a set of new procedures that
would provide additional options for companies wishing to offer
and list in the financial market".
($1 = 3.6580 Qatar riyals)
(Reporting by Hadeel Al Sayegh; editing by Barbara Lewis)