Mesaieed Petchem Shares Soar In Qatar Debut, Far Exceed Estimates » Gulf Business:
"Shares in Qatar’s Mesaieed Petrochemical Holding Co soared 590 per cent on Wednesday in the country’s first stock market listing since 2010, far exceeding analysts’ estimates of fair value.
The shares opened at 50.0 riyals, up from their initial public offer price of 10.0 riyals, and after half an hour of trade had climbed further to 69.00 riyals.
Analysts’ valuations for the stock ranged between 18 and 21 riyals, Ahmed Shehada, head of trading at QNB Financial Services, said before the listing.
Mesaieed, a unit of state-owned Qatar Petroleum (QP), raised 3.2 billion riyals ($880 million) in an IPO of about 26 per cent of its shares. The offer, which authorities said was heavily oversubscribed, was open only to Qatari investors; foreigners can buy up to 15 per cent of the firm from the market."
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