Meeza shares jump 6% on QSE debut; becomes 51st listed company

Meeza, the country's first initial public offering (IPO) through book-building route, yesterday saw its shares vault 6% on debut in an otherwise bearish Qatar Stock Exchange (QSE).
With this addition, the main market of the QSE now has a total of 51 listed companies, further enhancing its dynamic landscape. The shares of Meeza, a Qatar Foundation joint venture, were listed with the symbol "MEZA" under the consumer goods and services sector.
The opening price was QR2.22, and the closing was recorded at QR2.30; representing a market capitalisation of QR1.49bn. The highest price during the session was QR2.535, while the lowest price was QR2.22. Its shares had risen more than 10% intraday.
The offering price has been set at QR2.17, consisting of a nominal value of QR1 and an issuance premium of QR1.16, along with a listing fee of QR0.01 per share, based on the documents submitted by the company.
"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," QSE acting chief executive officer Abdulaziz Nasser al-Emadi said.
A total of 40.67mn shares valued at QR98.79 changed hands across 6,306 deals. Meeza accounted for about 76.75%, 77.34% and 81.61% of the trade volume, value and transactions in the consumer goods and services sector.
"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," said Sheikh Hamad bin Abdullah al-Thani, Meeza chairman.
On the first day of listing, the company's share price was floated. However, as of the second day, price limits will be set at a fluctuation range of 10% upwards and downwards, in line with other listed companies in the market.
"As we continue to prioritise 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.
The inclusion of Meeza in the listing companies will undoubtedly contribute to the diversification of investment choices and the deepening of the market's strength, according to him.
Ahmad Abdulla al-Muslemani, chief executive officer of Meeza, said its transformation to a publicly listed entity 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.
"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," he said.
The Meeza IPO was conducted through the 'book building' mechanism, which 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.