MEEZA, which specializes in the field of integrated information technology services in the State of Qatar, announced that it has obtained the approval of the Qatar Financial Markets Authority to start the price building process in order to determine the offering price of the company’s shares in preparation for proceeding with offering 50% of its capital to institutional and individual investors within the next few weeks. Note that this mechanism is being used for the first time in the Qatari market.
This price building process will take place in accordance with the offering and listing system issued by the Qatar Financial Markets Authority, which was adopted as of 01/04/2021 after adopting a package of new procedures that would attract more companies and provide various alternatives and options for companies wishing to offer and list in the financial market.
The Qatar Stock Exchange takes this opportunity to express its thanks to the Qatar Financial Markets Authority for its continuous support to the Qatar Stock Exchange, and for its continuous efforts to develop the regulations and legislation in force in the market.
It is worth noting that the price building is a mechanism used in global markets and many markets in the region to determine the offering price of shares by relying on qualified investors who have sufficient experience and knowledge and the necessary mechanisms for fair pricing of the security.
The company intends to carry out the offering process in two stages:
Offering shares to qualified investors via the price building process - and will start from January 15, 2023 until January 26, 2023.
Offering shares for public subscription to individuals and institutions based on the price that is determined through the price building mechanism - and the subscription period is expected to start from February 12, 2023 until February 23, 2023.
The company clarified that the price range of the company’s shares has been set between 2.61 Qatari riyals and 2.81 Qatari riyals and is composed of a nominal value of one (1) Qatari riyal per share, an issuance premium ranging from 1.6 Qatari riyals to 1.8 Qatari riyals per share, and offering fees and an initial public offering of QR 0.01 per share.
MEEZA and the listing advisor appointed by QInvest will announce on their website the relevant details.