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Meeza to offer 50% shares in IPO

MEEZA provides fully integrated, end-to-end IT services in Qatar. (QNA)
  • Meeza, in a statement, said that it will offer 50 percent of the shares, 324.49 million, at an offer price of QR 2.17 per offer share
  • Before the offering, it doled out 37.41% of the offer shares to a set of qualified investors according to the book building mechanism

Doha, Qatar–MEEZA, an IT and data center service provider, has obtained the required regulatory approvals of the Qatar Financial Market Authority (QFMA) and the Qatar Stock Exchange (QSE) to offer 324.49 million ordinary fully paid-up shares by way of initial public offering, followed by a listing of all of the company’s shares on the QSE Main Market.

The company, in a statement, said that 50 percent of the shares, equivalent to 324,490,000 shares, are being offered at an offer price of QR 2.17 per offer share.

The offer price includes the nominal value of QR 1.00 per share, a premium of QR 1.16, and offering and listing fees of QAR 0.01 per share.

Prior to the offering, the company offered 37.41 percent of the offer shares to a set of qualified investors according to the Book Building Mechanism issued by the QFMA. 62.59 percent of the offer shares (constituting 203,097,000 Shares) are currently being offered to eligible investors, including Qatari citizens and legal entities incorporated in Qatar.

According to the offering data, Qatar Foundation for Education, Science and Community Development will hold at least 40 percent of the capital of Meeza, while Ooredoo will hold at least 10 percent of the company’s capital.

With the global surge in data generation and utilization, there is a growing demand for data centers and IT services.

MEEZA is well-positioned to capitalize on this trend, given the ongoing digitalization efforts by enterprises and governments, the adoption of cloud services and streaming platforms, and the use of big data for analytics and artificial intelligence.

The company holds approximately 50% of Qatar’s data center market share, operating five state-of-the-art data centers with a total capacity of 24.4MW.

MEEZA provides fully integrated, end-to-end IT services in Qatar. Its offerings include data center and colocation services, managed services, solution services, and cloud services.

MEEZA stands out as the sole IT services provider in Qatar that seamlessly integrates its five M-Vault data centers with its IT services portfolio, enabling tailored end-to-end solutions.

The M-Vault data centers currently offer a total capacity of 24.4MW, with plans to expand by approximately 19.5MW over the next 2 to 3 years.

MEEZA’s client base consists primarily of strategic sovereign entities, international hyper-scalers, and large corporates operating in Qatar.

The company enjoys long-term contracts, some extending up to 15 years, resulting in recurring revenue streams and high visibility on cash flows. This customer base also presents opportunities for cross-selling new managed services and ancillary IT services.