Satyendra Pathak
Doha
Meeza, the leading managed IT and data center service provider in Qatar, on Wednesday successfully listed its shares on the main market of Qatar Stock Exchange (QSE) in the presence of a group of distinguished guests including Meeza top management, representatives from regulatory and supervisory authorities, investors and other stakeholders.
With this addition, the main market of the Qatar Stock Exchange now boasts a total of 51 listed companies, further enhancing its dynamic landscape.
The offering of Meeza shares was conducted through the ‘Book Building’ mechanism, which was used for the first time in Qatar. This mechanism is used in many global and regional markets to determine the share offering price by relying on qualified investors who have sufficient experience and knowledge and the necessary mechanisms for fair pricing of the security.
Listed in the consumer goods & services sector with the ticker ‘MEZA’, the Meeza shares made a stellar debut on QSE’s main market as the stock price surged an intra-day high of almost 17 percent over the listing price of QR2.17 per share soon after the trading began for the day. The share price, however, shed initial gains and settled with a rise of over almost 6 percent at the close of the trade for the day.
The offering price was set at QR2.17, consisting of a nominal value of QR1. and an issuance premium of QR1.16 Qatari, along with a listing fee of QR0.01 per share, based on the documents submitted by the company.
On the first day of listing, the company’s share price was floated. The opening price started at QR2.22, and the closing price settled at QR2.30. The highest price it reached during the trading session was QR2.535, while the lowest price touched was QR2.22.
Starting from the second day of trading, the stock price will be allowed to fluctuate by 10 percent up and down, as is the case for other companies listed on the market. The first day of trading in Meeza stock closed at a price of QR2.30, representing a market capitalisation of QR1.49 billion.
As many as 40.67 million shares changed hands valued at QR98.79 million and accounting for 6,306 deals.
From the first day of trading, eligible investors for trading in the shares included all Qatari and non-Qatari investors permitted to trade in the shares in accordance with the Qatar Stock Exchange Rulebook, the Qatar Financial Market Authority Listing Rules, and the Qatar Central Bank regulations.
Commenting on the successful listing, Meeza Chairman Sheikh Hamad bin Abdullah Al Thani said, “Today marks a significant milestone in the Meeza transformation journey as the company’s shares were successfully listed for trading on the Main Market of Qatar Stock Exchange. This unprecedented step in the managed end-to-end IT services sector will give the investment community a promising investment option to grow their wealth and contribute to Qatar’s digital economy industry.
“I also take this opportunity to express our sincere appreciation to all the regulatory and supervisory authorities for their cooperation that culminated in this achievement, which will enhance Meeza’s exceptional track record.”
Meeza Chief Executive Officer Eng. Ahmad Abdulla Al Muslemani said, “I am elated today to see Meeza successfully listed on the Qatar Stock Exchange main market. This milestone will provide a great opportunity for us to bolster the Company’s already strong capital by increasing its shareholder base, which will support its ambitious growth and development targets.
“Meeza’s transformation to a publicly listed company provides an opportunity for the investors to take part in the Company’s journey and achievements, as it looks to continue its strong financial performance and revenue growth.”
Speaking on the occasion, Qatar Stock Exchange Acting Chief Executive Officer Abdulaziz Nasser Al Emadi said, “We are delighted to welcome Meeza, a pioneering technology company, to the Qatar Stock Exchange family. The successful listing of Meeza marks a significant milestone in our continuous efforts to expand the scope of our listing companies. Meeza’s expertise in the technology sector makes it a valuable addition to our diverse portfolio of listed companies.”
“As we continue to prioritize the growth of the technology sector within our market, Meeza’s listing reinforces our commitment to providing investors with a wide array of investment opportunities. This move not only enhances the choices available to investors but also contributes to the further development of our market ecosystem,” Al Emadi said.
“We extend our sincere congratulations to Meeza on their successful listing and commend their dedication to innovation and excellence. The inclusion of Meeza in our listing companies will undoubtedly contribute to the diversification of investment choices and the deepening of our market’s strength,” he said.
Meeza, a Qatar Foundation joint venture, is an established end-to-end Managed IT services and solutions provider based in Qatar with the mission of becoming the leading provider in the Middle East and North Africa. Meezais helping accelerate the growth of Qatar and the region through the provision of world-class Managed IT Services and Solutions.
