Real estate development firm Mazaya Qatar will not extend the subscription for its initial public offering (IPO) which closed yesterday, its chief executive said.

Institutions had asked for a postponment in the IPO, Seraj Al Baker said on Sunday, but said on Monday it would definitely not be extended.

Seraj declined to say whether the offering was oversubscribed or undersubscribed.   

Sharia-compliant Mazaya plans to list on Qatar's stock exchange within a month and had hoped to raise 500 million riyals ($137.4 million).
   
"The numbers are not yet finalised," he said. "We don't want to be held liable for a number which might change."    

Mazaya is an affiliate of Kuwaiti real estate developer Al Mazaya Holding. - Reuters