QP unit raises $2.5bn in IPO
Doha, March 23, 2008
Investors offered 8.9 billion riyals ($2.45 billion), five times more than state-owned Qatar Petroleum (QP) was looking to raise in the IPO of a new holding company grouping three of its services firms.
Stock in Gulf International Services was offered at 21 riyals per share, with offering costs of 0.6 riyals and 80.84 million shares up for grabs, it said in a statement received late on Saturday.
QP said last month it would sell a 65.8 percent stake in the firm and retain 30 percent. Another 4.2 percent stake will be reserved for "selected institutions."
An official had told Reuters the company aimed to raise 1.72 billion riyals. The deadline for refunding the additional subscription money is March 26, the statement said.
Gulf International Services is a holding company, which includes Gulf Helicopter Co, Gulf Drilling Co and Al-Koot Insurance and Reinsurance Co. HSBC Holdings advised on the sale. - Reuters