Al Mazaya Qatar, a new unit of developer Al Mazaya Holding, said on Monday it plans to raise 500 million riyals ($137.4 million) in an initial public offering (IPO) in the fourth quarter of this year.
The sharia-compliant real estate investor and developer will offer 50 million shares at 10 riyals each before listing on the Doha bourse, it said in a statement.
Qatar’s Investment House will act as lead underwriter and bookrunner for the IPO.
Al Mazaya Qatar was set up with a total capital of 1 billion riyals, the other half of which is held by Qatari and Gulf Arab investors, it said.
“The firm intends to inject 50 percent of the total capital into the property development sector and 25 percent into property management, with the remaining capital being invested in property funds and portfolios, seeking optimum return through property trade,” the statement said. (Reuters)
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