In its capacity as Listing Advisor and Placement Manager on a potential initial public offering (“IPO”) of Meeza QSTP - LLC, QInvest LLC, (QIB’s subsidiary) announces the successful completion of pricing of the initial public offering for MEEZA in the main market of the Qatar Stock Exchange.
The price building subscription period ended successfully on March 6, 2023, according to the schedule revealed by QInvest LLC. in previous advertisements. This came after the participation of qualified investors, which exceeded the minimum limit (30% of the offered shares) according to the terms of the Qatar Financial Markets Authority. The total price building subscription amounted to 37.41% of the public offering, with the participation of 7 qualified investors, led by the Qatar Investment Authority (the sovereign wealth fund), the General Retirement and Social Insurance Authority represented by the Civil and Military Pension Funds, the General Authority for Minors’ Affairs, Qatar Insurance Company, and Doha Insurance Group. and Al Khor Holding Company.
The above entities came with subscription requests and on the basis of this the share was priced at 2.17 Qatari riyals as the final share price [consisting of a nominal value of 1.00 Qatari riyals, a premium of 1.16 Qatari riyals and an offer and listing fee of 0.01 Qatari riyals]. It is scheduled that the public offering will be available to individuals and companies during the coming period, at a rate of 62.59%, after completing the necessary regulatory procedures.
Commenting on the successful conclusion of the price building offering period, Mr. Hussain Abdullah, Co-CEO of QInvest Bank, said:
“At QInvest, we are pleased to play a prominent role in the development of capital markets in Qatar by adopting a price-build subscription mechanism for the first time in the local market, in order to provide the highest standards of transparency in pricing and announcing public offering shares to retail and corporate investors. We see this as a promising step. To develop the market and open the way for international investors to contribute to the initial public offering initiatives in the future to benefit from the growth of the capital markets in Qatar.”
For his part, Mr. Hussain Fakhruddin, Co-Chief Executive Officer of QInvest Group, said:
"The eventual pricing of the shares led by the investors themselves is evidence of the effectiveness of the build-by-price underwriting mechanism to provide the highest standards of transparency in the pricing of IPO shares on a supply-and-ask basis, taking into account market conditions and orders received from qualified investors."
The public offering to individual and corporate investors is expected to start after Eid Al-Fitr during the first half of May 2023 (provided that the necessary regulatory procedures are completed), as it consists of 203,097,000 shares (62.59% of the offering), with an offer price of QR 2.17 per share. More announcements and other details will be released in due course.
On the other hand, QInvest affirmed its deep gratitude to the concerned regulators, qualified investors and senior management of MEEZA for their support to this process, which contributed to the success of the first constructive price offering in Qatar.
It is worth noting that this announcement relates specifically to the end of the price building subscription period for qualified investors in accordance with the price building mechanism issued by the Qatar Financial Markets Authority, as well as the terms and conditions contained in the irrevocable commitment request to purchase shares in Meeza in accordance with the price building mechanism.
Qualified and interested investors can view the order history by visiting QInvest's website www.qinvest.com