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Qatari construction firm Investment Holding confirms January IPO

Qatari construction firm Investment Holding confirms January IPO

The firm plans to list 60 per cent of its share capital

Qatar contracting firm Investment Holding Group (IHG) has announced plans to list on the Qatar Stock Exchange this month after gaining approval from the market regulator.

In a bourse filing, the firm said it would list 60 per cent of its capital, worth QAR830m ($228m) for director public subscription by Qatari citizens and Qatar registered companies.

The 49.8m shares will be prices at QAR10.1 per share.

The initial public offering will begin on January 8 and continues until January 22 in a process managed through Commercial Bank of Qatar, IHG said.

“The Qatar private sector is increasingly playing an integral role in further developing the economy, proving to be a real partner in supporting the government’s efforts towards achieving a sustainable economy and society. Our proposed listing is also a clear achievement in line with the objectives of Qatar’s National Vision 2030 to facilitate collaboration between the public and private sectors,” said IHG’s chairman Ghanim Sultan Al Hodaifi.

IHG’s construction activities include mechanical, electrical and plumbing and engineering construction and projects.

It also supplies building materials and safety systems.

The listing comes following a period of stagnation for IPO activity across the Gulf region due to market volatility.

Read: Regional IPO market sees 80% year-on-year drop in values in Q2

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