Construction

Qatar construction firm IHG to proceed with $138m IPO

Investment Holding Group set to launch an initial public offering next week

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The Qatari contractor Investment Holding Group (IHG) plans to go ahead with an initial public offering (IPO) next week after winning approvals, according to reports.

IHG, a holding company, has companies specialising in contracting, shipping, real estate and education.

It will offer 49.8 million shares, or 60% of its capital, at 10.1 riyals per share, the company said in a statement late on Sunday, according to Reuters.

That would make the value of the family-owned contracting and trading business’s offer about $138 million.

IHG said it has received approval from the Qatar Financial Markets Authority (QFMA) for the listing, making it the first Qatari family business to get a listing in the Qatar Stock Exchange through an IPO, Gulf News reported.

The offer period is from January 8, 2017 to January 22, 2017.

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