IHG’s Deputy CEO Mohammad Ghanim Al Hodaifi Al Kuwari (fourth left) along with Qatar Stock Exchange CEO Rashid bin Ali Al Mansoori (fifth left), IHG Board Member Hamad Ghanim Al Hudaifi Al Khuwari (third left) and other officials, ringing the opening bell
Qatari bourse is hoping for a growing number of IPOs, across all sectors. The stock exchange is confident of some family-run companies going public in the coming months.
Speaking on the sidelines of a ceremony held to celebrate the listing of Qatari conglomerate Investment Holding Group (IHG), Qatar Stock Exchange (QSE) Chief Executive Officer, Rashid bin Ali Al Mansoori, said Qatar’s family businesses of late have been showing a growing interests to turn their companies into public shareholding entities. The discussions with some of these family companies, those applied to be listed, are currently at an advanced stage .
The QSE is ready to receive such requests whether in the main market or the emerging businesses market that lists small- and medium-sized enterprises (SMEs), he said.
Al Mansoori said two Exchanged Traded Funds (ETFs) are also expected to be listed this year. Foreign investors are also showing an increased interest to invest in the QSE. The the number of foreign portfolios have increased to more than 70 this month.
QSE is working hard to increase the number of listed companies by raising awareness of the benefits of listing in financial markets. The listing of IHG would persuade other family companies to go public on QSE.
Mohamad Ghanim Al Hodaifi, Deputy CEO of Investment Holding Group, rang the market-opening bell to celebrate the listing of the company on Qatar Stock Exchange (QSE). The event was attended by Misnad Abdul Latif Al Misnad, CEO of Qatar Central Securities Depository, in addition to several officials and representatives from the financial sector.
On the first trading day, IHG’s shares (ticker-IGRD) tumbled 13 percent from its initial public offer price to QR8.70. Trading volume was about 3.28 million shares. QSE benchmark index fell 0.15 percent or 13.49 points to finish at 9,191.73, yesterday.
Al Hodaifi commented: “We look forward to further strengthen Qatar’s financial market position. The listing is a milestone in the history of Investment Holding Group and a reinforcement of the company’s reputation and growth, and we encourage family companies to be listed on QSE to benefit from the various investment advantages and advanced infrastructure.”
