Nov 16 2005 |
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Qatar: Real estate firm to float IPO; QR1.1 billion issue opens Dec 4
Doha: A mega initial public offering (IPO) is being floated by a real estate venture from December 4, the Doha Securities Market (DSM) said in a release yesterday.The issue, priced at QR10 each (face value) with an additional service charge of 50 dirhams, will remain open until December 18.
IPOs are open only to nationals as per law and it is not clear at this stage if 25 per cent of the company's listed shares would be available to foreigners after listing at the DSM as is the case with most listed firms.
Subscription forms will be available at all the branches of Qatar National Bank (QNB) and some other bank branches as well, the DSM said.
The venture named 'Barwa' is promoted by Al Diyar Investment Company and the IPO is for QR1.1bn.
Barwa will have an authorised capital of QR2bn. Forty-five per cent of the equity (QR900m) will be held by Al Diyar Investment, the promoting company, while the remaining QR1.1bn is being floated for public subscription.
DSM being the IPO-clearing authority as well, said it received official communication regarding approval of Barwa's launch from the Ministry of Economy and Commerce yesterday.
Subsequently, the DSM received a request from the promoters to study and clear their prospectus for the primary issue.
The company hopes to deal in real estate brokerage services (buying and selling), property management, consultancy, property appraisal, investment, mortgage as also take part in state-owned projects.
Minimum subscription is for 500 shares with the maximum limit being 2,500 shares. Subscriptions for shares exceeding the minimum limit will be made on a pro-rate basis.
There are no underwriters and in the event of under-subscription, the capital of the company would be reduced proportionately.
Refunds for oversubscribed shares will be made 30 days after the closure of the IPO.
Meanwhile, the DSM index yesterday showed a massive recovery, gaining 439.65 points taking the benchmark to 11, 687.71. Market capitalisation reached QR336.44bn.
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