Tribune News Network
Doha
Meeza QSTP LLC (Public), the leading managed IT and data center service provider in Qatar, has received regulatory approvals from the Qatar Financial Market Authority (QFMA) and the Qatar Stock Exchange (QSE) to proceed with its initial public offering (IPO) and subsequent listing on the QSEMM. The company plans to offer 324.49 million ordinary fully paid-up shares to investors.
Investors interested in the shares are advised to consult the Offering Prospectus, which has been approved by the QFMA. The prospectus can be accessed on MEEZA’s website at www.meeza.net/ipo.Meeza possesses several key investment highlights that position it for success and value creation in the ICT industry.
Leading position in digitalization
With the global surge in data generation and utilization, there is a growing demand for data centers and IT services. MEEZA is well-positioned to capitalize on this trend, given the ongoing digitalization efforts by enterprises and governments, the adoption of cloud services and streaming platforms, and the use of big data for analytics and artificial intelligence. The company holds approximately 50% of Qatar’s data center market share, operating five state-of-the-art data centers with a total capacity of 24.4MW.
Unique end-to-end IT services
MEEZA provides fully integrated, end-to-end IT services in Qatar. Its offerings include data center and colocation services, managed services, solution services, and cloud services. MEEZA stands out as the sole IT services provider in Qatar that seamlessly integrates its five M-Vault data centers with its IT services portfolio, enabling tailored end-to-end solutions. The M-Vault data centers currently offer a total capacity of 24.4MW, with plans to expand by approximately 19.5MW over the next 2 to 3 years.
Long-term customer relationships and stable cash flows
MEEZA’s client base consists primarily of strategic sovereign entities, international hyper-scalers, and large corporates operating in Qatar. The company enjoys long-term contracts, some extending up to 15 years, resulting in recurring revenue streams and high visibility on cash flows. This customer base also presents opportunities for cross-selling new managed services and ancillary IT services.
Strong profitability and financial position
MEEZA has achieved economies of scale, leading to robust revenue growth and record annual profit margins. Over the past three years, the company has demonstrated steady growth, with a revenue compound annual growth rate (CAGR) of 11.3% between 2020 and 2022. The corresponding EBITDA CAGR over the same period was 10.9%, driven by increasing demand for data center capacity and ancillary IT services. MEEZA has consistently delivered high profitability to shareholders, with a net income CAGR of 22.4% over the past three years, reaching QAR 52.1 million in 2022 (approximately 15% net income margin). The company maintains a healthy financial position, supported by a growing fixed asset base, substantial cash reserves, and low leverage.
Experienced senior
management team
MEEZA’s senior management team possesses extensive professional experience in the IT industry and a successful track record of delivering and managing key strategic projects. The team comprises both local Qatari leaders and global experts with experience at leading technology and service provider companies worldwide.
