QInvest LLC, in its capacity as Listing Advisor and Offering Manager, and MEEZA QSTP in its capacity as the Issuer, announce the successful conclusion of the IPO on Monday June 19^th, 2023, with an oversubscribed order book for the total offering for 50% of the company’s issued share capital, where the offering has been covered by Qualified Investors and retail investors. Noting that MEEZA is set to list on the Main Market of Qatar Stock Exchange subject to all the necessary regulatory and technical approvals.

The offering was comprised of up to 324,490,000 shares (50% of the Company) sold at QAR 2.17[1] per share, implying an offering size of QAR 700,898,400 (excluding the offering costs of QAR 0.01 per Share). It should be noted that the offer price was set using the first ever book-building process in Qatar, which seems to have played a pivotal role providing retail investors with reassurance pricing was transparent and determined by the market at arms-length, which resulted in the book exceeding targeted demand.

Qualified Investors will be allocated 121,393,000 shares (representing 18.7% of the Company), in line with the Book Building exercise disclosed in the Offering Prospectus, while retail investors will receive 203,097,000 shares (representing 31.3% of the Company). The IPO has resulted in the Founders owning the remaining 50% of the company.

The offering prioritized individual investors, who will all be allotted shares on a pro-rata basis. Given the book was oversubscribed by retail demand only, corporate investors (non-Qualified) will not be allotted any shares, in line with the conditions set out in the Offering Prospectus. Interested investors may purchase the shares of the company through the trading platforms on the Qatar Stock Exchange, once listed.

Ahmad Al-Muslemani, Chief Executive Officer of MEEZA:

“We are not only pleased to have reached the final milestone of our IPO journey, but also to have reached it with this level of success amidst challenging market times. One of the primary drivers behind this IPO was to allow the people of Qatar to take part in MEEZA’s 15-year legacy, we welcome our new shareholder base and look forward to delivering continued growth and strong operational performance.”

Hussein Fakhreddine and Hussain Abdullah, Co-Chief Executive Officers of QInvest LLC:

“This IPO marks several market firsts, it is the first IPO in Qatar in over 3 years, MEEZA is the first exclusively (non-telecom) IT company to list on QSE, and the first to be transparently priced using the first qualified investor book-build process. We believe all these factors contributed to strong demand, which resulted in an oversubscribed orderbook despite challenging market conditions. For future IPOs, we hope to see Qatari companies use the book-building process, which has proven to be an efficient mechanism for both pricing, allocation and attraction of retail demand.”

Share allotment and refunds are expected to be completed by Monday June 26^th 2023, investors will receive notifications from their respective receiving banks. Listing date is targeted during the month of July, subject to the necessary regulatory approvals.

[1] Comprised of a nominal value of QAR 1.00, a premium of QAR 1.16 and Offering and Listing Fees of QAR 0.01