Eversheds Sutherland advises MEEZA QSTP LLC (Public) on its QAR704m IPO and Listing on the Main Market of the Qatar Stock Exchange

Eversheds Sutherland has advised MEEZA QSTP LLC (Public) (“MEEZA”) on the QAR704m initial public offering and listing of all of its shares on the Qatar Stock Exchange.

MEEZA’s IPO and listing marks the first IPO in three years for the Main Market of the Qatar Stock Exchange and the third successful listing of the year for the Eversheds Sutherland Capital Markets team in Qatar.

The end-to-end managed IT services and solutions provider’s IPO represents the first time the Book-Building mechanism has been utilised in Qatar for a company valuation. It is also the first time a company registered in the free zone of the Qatar Science Technology Park has been admitted to trade on the Qatar Stock Exchange – further testament to the country’s efforts to develop its capital markets potential.

MEEZA has operated in Qatar since 2008, is an end-to-end managed IT services and solutions provider in Qatar. In addition to operating five data centers, known as M-Vaults, MEEZA offers managed IT services, solution services, workplace services, security and cloud services.

The Qatar Stock Exchange admitted MEEZA’s shares for trading on its Main Market as of 23 August 2023.

Eversheds Sutherland acted as international legal counsel, with Sami Abdullah Salim Abu Shaikha Law Office providing local counsel support. QInvest LLC acted as Listing Advisor and Offering Manager, EY Consulting LLC as Financial Evaluator and Deloitte & Touche – Qatar Branch as External Auditor.

Qatar National Bank QPSC was the lead receiving bank with Ahli Bank QPSC, Arab Bank Group PLC, Commercial Bank PSQC, Doha Bank QPSC, Masraf Al Rayan QPS, Qatar Islamic Bank QPSC and Qatar International Islamic Bank QPSC also receiving banks.

The Eversheds Sutherland team was led by Partner Samer Sarkis, supported by Qatar’s Managing Partner Dani Kabbani, Senior Associates Cristina Craciun and Julie Menhem, and Associates Karim Kobaissy and Marwah Rawashdeh.

Samer Sarkis, Partner, Eversheds Sutherland, commented: “It was a pleasure working on this third listing of the year for us. We are particularly proud to have advised on what was a challenging IPO timeline, with MEEZA successfully listing within only a year of formal preparations starting for the listing. MEEZA’s IPO is the first IPO on the Main Market of the Qatar Stock Exchange under the new Offering and Listing Rules and marks the first time ever that the Book-Building mechanism is utilised in Qatar. This is a significant milestone in the country’s developing capital markets landscape and a testament to the leading expertise of the Eversheds Sutherland Capital Markets team in Qatar on having been appointed and successfully delivered this first-of-its kind IPO and listing in Qatar.”

Ahmed Al Muslemani, Chief Executive Officer, MEEZA, commented “We are delighted to be the first Qatar Science and Technology Park company to list on the Qatar Stock Exchange. I would like to extend my gratitude to the Eversheds Sutherland team for their exceptional advice and support throughout the entire transaction. Their excellent knowledge of the local capital markets environment, the regulatory requirements and their dedication to conclude this transaction were instrumental in helping us achieve this ground breaking milestone.”