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Qatar Petroleum unit plans $880m IPO in January

This will be the first IPO on Qatar’s stock market since 2010

Published: Updated:

Mesaieed Petrochemical Holding Co, a unit of state-owned energy giant Qatar Petroleum, will conduct a 3.2 billion riyal ($880 million) initial public offer of its shares in the local market in January, the finance minister said on Sunday.

It will be the first IPO on Qatar's stock market, which was hit hard by the global financial crisis, since 2010.

The IPO will only be open to Qatari citizens. It will be conducted between December 31 and January 21, and trading in the shares is expected to start in February, Ali Shareef al-Emadi told a press conference announcing the offering.

The offer price of the shares will be 19 riyals each, and the IPO will comprise 26 percent of the company.

The government will buy 750 shares as a gift for each disadvantaged Qatari citizen - those receiving social insurance payments and people with special needs.