Qatar petroleum announces successful closure of mesaieed holding IPO

Qatar Petroleum (QP) has announced that the Initial Public Offering of shares representing 25.725% of the issued share capital of Mesaieed Petrochemical Holding Company Q.S.C. (MPHC) has been successfully closed.The IPO comprised a total of 323,187,677 ordinary Shares, all of which were subscribed for during the subscription period, which ran from December 31 until the close of business on Tuesday, a QP press release said Wednesday.“We are delighted that this successful IPO has provided so many Qatari nationals with an opportunity to become shareholders in MPHC, and to participate in the prosperity and the success of the State of Qatar and in the future of Qatar’s petrochemicals sector,” HE Minister of Energy and Industry and QP Chairman and Managing Director Dr. Mohammed bin Saleh Al-Sada, said.“The success of this historic IPO clearly demonstrates the confidence investors have in the strengths of MPHC’s compelling story and the attractiveness of the innovative long-term savings program which the government has put in place with the guidance of HH the Emir Sheikh Tamim bin Hamad Al Thani. We look forward to welcoming all new MPHC shareholders at this exciting time for the company,” he added.The IPO was heavily subscribed for and allocation of shares is expected to be finalized by and announced on January 30, with any refunds to shareholders to be made on the same date. Individual applicants will be advised of their subscriptions by SMS. It is proposed that the Shares will then be admitted to trading on the Qatar Exchange during February, the press release said.