Qatar's Mazaya says $137m IPO fully covered

FULLY COVERED: Mazaya Qatar said that its $137.4m IPO was 100% covered. (Getty Images)

FULLY COVERED: Mazaya Qatar said that its $137.4m IPO was 100% covered. (Getty Images)

Real estate development firm Mazaya Qatar said on Saturday its $137.4 million initial public offering was 100 percent covered.

In a statement, Mazaya said: "The company will use its current and subscribed capital to fund its operations and future plans."

The company added: "An economic feasibility study conducted by the company shows the way of employing these funds across a five year period."

The sharia compliant developer received subscriptions for all 50 million shares worth $2.74 each offered in the Jan 17 to 31 IPO, it said.

In a statement, Rashid Fahad al Naimi, chairman, Mazaya Qatar, said: "The company is satisfied with the IPO's performance, being the first subscription of its kind in Qatar during the current year, not to mention its occurrence immediately after one of the worst economic crisis in history since the 1930."

The IPO shares represented 50 percent of the capital of the company, while the remainder is held by investors including state affiliated Qatar Foundation, the statement said.

Mazaya is an affiliate of Kuwaiti developer Al Mazaya Holding. (Reuters)

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