IT services firm MEEZA to be Qatar's first firm to use book building for IPO
The offering's price range is between $0.72 (QAR 2.61) and $0.77 (QAR 2.81), with a goal to raise between $232 million (QAR 846 million) and $250 million (QAR 911 million).
Qatar-based MEEZA, an end-to-end managed IT services and solutions provider, plans to offer 50% of its total issued shared capital in an initial public offering (IPO) on the Qatar Stock Exchange. The IPO process is set to begin this month, on January 15.
The offering's price range is between $0.72 (QAR 2.61) and $0.77 (QAR 2.81), with a goal to raise between $232 million (QAR 846 million) and $250 million (QAR 911 million), according to a report in Forbes Middle East.
As per the company, it will be the first in Qatar to use a book building to carry out an IPO. The book-building process will conclude on January 26, after which the final price per share will be determined.
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The book-building would be along the lines of the Qatar Financial Markets Authority's offering and listing regulations. It would include "a set of new procedures that would provide additional options for companies wishing to offer and list in the financial market".
The regulations for book building were introduced by the country in February 2021, with the aim of attracting foreign investors.
MEEZA is part-owned by telecom operator Ooredoo. Its offerings include Managed IT services, Data Centre Services, Cloud Services and IT Security Service.
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Edited by Affirunisa Kankudti