QInvest, as the Listing Advisor and Placement Manager for Meeza QSTP’s IPO, announced the successful conclusion of the IPO period for the company’s shares on Monday, 19 June 2023, with the order book exceeding the total number of shares offered for public offering by 50%. The issued capital of the company, as the offering was covered by qualified investors and individual investors.
Noting that MEEZA will be listed on the main market of the Qatar Stock Exchange once all the necessary organizational and technical procedures are completed.
The share allocation and refunds are expected to be completed by Monday, June 26, 2023, and investors will receive notifications from their receiving banks. It is intended that the listing date be during the month of July, after obtaining the necessary regulatory approvals.
Engineer Ahmed Al-Muslimani, CEO of MEEZA, said:
“We are pleased to have reached the final stage of the MEEZA IPO journey, but we are even more pleased with the impressive success it has achieved amidst the challenges the market is currently witnessing.
He added, and remains one of the main objectives of this IPO, is to allow the Qatari people to participate in the 15-year legacy of MEEZA, join its distinguished success journey, and expand our shareholder base in order to continue the growth and strong operating performance of the company.
In a joint statement, Mr. Hussain Abdullah and Mr. Hussain Fakhruddin, Co-Chief Executive Officers of QInvest, stated, “The IPO is the first of its kind on several levels, as it is the first IPO in Qatar in more than 3 years. MEEZA is the first company specialized in the field of information technology (not telecommunications) to be listed on the Qatar Stock Exchange, and the first company to be offered through the price-building mechanism after pricing its shares according to the highest standards of transparency. We believe that all these factors contributed significantly to a significant increase in the demand for subscription to its shares, which led to the order book exceeding the required number despite the difficult market conditions. For future IPOs, we hope to see Qatari companies adopt the price building mechanism that has proven effective for both pricing, allocation and increasing retail investor demand to participate in IPOs.”
