Gulf Cement Company has appointed Commercialbank to manage its initial public offering (IPO) on the Doha Securities Market. Gulf Cement will have a paid-up capital of QR800m and hopes to offer 80 per cent of the company’s shares for public subscription in the first half of April at the face value of QR10 per share.Details of the IPO and the application process for investors will be announced in due course.
Andrew Stevens, Commercialbank’s CEO, said, “We are delighted to have been appointed to handle the Gulf Cement IPO. The abundance of construction projects in Qatar, in the public and private sectors, is indicative of the level of interest the Gulf Cement IPO is likely to receive among investors.” Each applicant will be entitled to a minimum of 250 shares and maximum of 10,000 shares, a Commercialbank statement issued yesterday said.
