International law firm Eversheds Sutherland has acted as legal counsel to MEEZA QSTP (Public) (“MEEZA”) on its QAR704 million initial public offering (IPO) and subsequent listing on the Qatar Stock Exchange.
MEEZA’s IPO, which signifies the first IPO on the Main Market of the Qatar Stock Exchange in three years, is a significant milestone for the Eversheds Sutherland Capital Markets team in Qatar. This achievement marks the team’s third successful listing of the year.
The shares of MEEZA were admitted for trading on the Qatar Stock Exchange’s Main Market on August 23, 2023. This milestone is remarkable not only due to the IPO size but also because it marks the first instance of the Book-Building mechanism being employed for company valuation in Qatar. Additionally, this event represents the debut of a company registered in the Qatar Science Technology Park’s free zone trading on the Qatar Stock Exchange, showcasing Qatar’s commitment to advancing its capital markets potential.
MEEZA, an end-to-end managed IT services and solutions provider that has been operational in Qatar since 2008, manages five data centers known as M-Vaults. Beyond its data centres, MEEZA offers a spectrum of services including managed IT services, solution services, workplace services, security, and cloud services.
Eversheds Sutherland served as international legal counsel, with Sami Abdullah Salim Abu Shaikha Law Office providing local counsel support. QInvest acted as Listing Advisor and Offering Manager, EY Consulting as Financial Evaluator and Deloitte & Touche – Qatar Branch as External Auditor.
Qatar National Bank was the lead receiving bank with Ahli Bank, Arab Bank Group, Commercial Bank, Doha Bank, Masraf Al Rayan, Qatar Islamic Bank and Qatar International Islamic Bank also receiving banks.
The Eversheds Sutherland team was led by partner Samer Sarkis (pictured), supported by Qatar’s managing partner Dani Kabbani, senior associates Cristina Craciun and Julie Mehem, 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.”