Qatar Petroleum plans to raise US$879 mln in IPO of new petrochemicals subsidiary

23-Dec-13

Qatar Petroleum plans to raise 3.2 billion riyals (US$879 mln) in the initial public offering of a new petrochemicals subsidiary. QP expects to start selling a 26% stake in Mesaieed Petrochemical Holding Co. Dec. 31 on the Qatar Exchange. The sale is only be open to Qatari citizens and closes Jan. 21. Qatar, which has the world's third largest reserves of gas, plans to stimulate its domestic stock exchange after MSCI Inc. upgraded the stock market to emerging market status in June. This will be the first IPO since 2010 in Qatar's stock market, after the global financial crisis froze issuance.