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Dubai: Al Mazaya Qatar, a subsidiary of Al Mazaya Holding, announced plans to issue 50 million shares in an initial public offering (IPO) at 10 Qatari riyals per share in the last quarter of this year, before listing on the Doha Securities Market (DSM).
The Qatar Investment House was commissioned to act as lead underwriter and bookrunner for the IPO, with proceeds to be used to raise the company's capital to 1 billion riyals (nearly Dh1 billion).
Siraj Saleh Al Baker, Managing Director of Mazaya Qatar Real Estate Development Company, said, "The particular focus of the company's activities is the booming real estate investment and development sector in Qatar and other Gulf countries, fuelled by the region's record economic growth, which has had a significant impact on the market, and by the ongoing rapid population growth which is resulting in increased demand for residential and commercial units."
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