Shares of Qatar Aluminium opened at 18.00 riyals on Sunday at Qatar Stock Exchange (QSE), 78 per cent above their initial public offer price of 10.10 riyals, capping a successful run for Qatar's biggest equity listing this year. Shares of Qatar Aluminium under the company name Qatar Aluminium Manufacturing Company or Qamco began trading on the Qatar Stock Exchange (QSE) from December 10, 2018.
State-owned Qatar Petroleum sold 49 per cent of its shares in its subsidiary Qatar Aluminium Manufacturing Co (Qatalum) in late October in a in a public offering that raised roughly US$758 million.
The IPO price included the offering and listing costs of 0.1 riyal per share.
Qamco was formed by Qatar Petroleum with the aim of offering investors the opportunity to invest in Qatar’s aluminium sector. In October, Qamco announced its plans to sell 49 per cent of its shares in an initial public offering. The IPO was oversubscribed and after the process, Qatar Petroleum owned 51 per cent stake in Qamco, and the balance 49 per cent remains with the public. That way Qamco became owner of Qatar Petroleum’s 50% shares in Qatar Aluminium (Qatalum).
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