Mesaieed Petrochemicals IPO raises US$880 mln in the Qatari stock market

23-Jan-14

Mesaieed Petrochemical Holding Co, a unit of state-owned Qatar Petroleum, raised 3.2 billion riyals (US$880 million) in the Qatari stock market's first initial public offer (IPO) of shares since 2010, as per Reuters. All 323.19 million shares offered, amounting to 25.725% of Mesaieed, were sold and demand was strong, Qatar Petroleum said, adding that the stock would start trading on the market next month. The three-week offer, which ended on Tuesday, was open only to Qatari nationals. Qatar Petroleum did not give details of who bought the shares, saying that would be announced by Jan. 30.