Qatari firm Aljaber Group planning $800m IPO

Qatari firm Aljaber Group planning $800m IPO
Qatari construction firm Aljaber Group is planning a stock market flotation.
Published: 6 June 2016 - 4 a.m.
By: Ashleigh McGinley

Aljaber Group is planning a stock market flotation in the Gulf Arab state in a listing which could be worth around $800m, sources aware of the matter said.

Initial public offerings (IPOs) have been extremely rare in Qatar due to market volatility and the slow process of securing regulatory approval, Reuters reported,

Only one in 2014 - Mesaieed Petrochemicals - has taken place in the last six years.

However, bankers have indicated that the authorities have been showing more enthusiasm for new floats in recent months.

A number of IPOs, as well as companies listing their shares without raising any new cash - like Qatar First Bank did last month - are being worked on.

Among them is Aljaber Group, which was founded in 1976 and has since expanded into one of the country's largest construction outfits.

Aljaber Group has not responded to a request for comment at time of publication, Reuters concluded. 

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