Al Mahhar Holding, a prominent player in the energy and infrastructure sectors, Wednesday began its journey on the Qatar Stock Exchange (QSE)'s venture market 'QEVM' with its shares gaining as much as 145% intraday, before settling 30% higher.
The company's shares were listed with the ticker MHAR and price was floated on the first trading day. The stock’s opening price was QR2.89, and the last transaction price was QR2.6.
The highest price reached QR4.9 against the reference price of QR2; implying an increase of 145%; and the lowest price was QR2.6 or 30% higher. Starting from Thursday, the stock price will be allowed to fluctuate by 10% up and down, as is the case for other companies listed on the market.
The company listed 207mn shares with market capitalisation of QR414mn (at the reference price of QR2 a share).
With the listing of Al Mahhar Holding, the number of listed companies on QEVM has increased to two with the other one being Al Faleh Educational Holding.
The shares of Al Mahhar Holding were listed through the “direct listing” mechanism, a common mechanism in all the regional markets, which allows companies to be listed without an IPO or initial public offering.
"The listing of this company will increase the depth of the market and unlock opportunities to expand our investor base and access to capital, while providing investors with the opportunity to invest in leading Qatari companies,” Qatar Stock Exchange acting chief executive officer Abdul Aziz Nasser al-Emadi said.
The QSE is making unremitting efforts to increase the number of listed companies by raising awareness of the advantages of listing on the QSE’s market, according to him.
Clifford W Lasrado, managing director of Al Mahhar Holding, said the "strategic" rationale behind the company's decision to list its shares on the local bourse is to further enhance its growth and development.
"It represents a natural step in our corporate journey, while also providing an opportunity for all stakeholders to participate in our future success through share ownership. We believe this move will support our expansion plans, foster stakeholder engagement, and position Al Mahhar Holding for sustained success in the market," he said.
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