IHG ready to launch IPO on 8 January
The final preparations for IHG’s recently-announced IPO are complete, in the first case of a family business listing through an IPO on the Qatar Exchange.
“Obtaining approval from the Qatar Financial Markets Authority (QFMA) to list 60 per cent of the Group’s capital, which is an unprecedented level on the Qatar Stock Exchange (QSE), has made the Group the first Qatari family business to list a major capital share through an IPO,” said Wael Shtayyeh, CEO of IHG.
“The Group will use its transformation to a publicly listed company on the stock exchange as a real opportunity to not only execute IHG’s future strategic plans but develop the businesses of its subsidiaries to achieve robust financial results,” Shtayyeh added.
IHG obtained approval to list a total value of QAR 490,800,000, representing 60% of the Group’s capital, which is QAR 830 million. The number of shares included in the offer is 49,800,000 shares at a pricing of QAR 10.1 per share.
The offer period will be open for two weeks, starting 8 January 2017. Shtayyeh said that all preparations related to receiving subscription offers are now complete.