Qatar Petroleum has launched an initial public offering of Gulf International Services (GIS), the company said in a statement. 

The offer share price has been set at QR21 ($5.77) per offer share, with offering costs of QR0.6, and applications are invited from all Qatari citizens, it added.

GIS is a newly-established holding company comprising Al Koot Insurance and Reinsurance Company (Al Koot), Gulf Drilling International Limited (GDI) and Gulf Helicopter Company (GHC).

Qatari individuals will be able to apply for shares from February 28 to March 12 2008 at all branches of Qatar National Bank (QNB), the IPO’s Lead Receiving Bank, and at the following receiving banks: Al Ahli Bank (Salwa, Merqab, Old Airport, Mansoura - Markhiya, Wakra - Al Khor, Al Rayan branches), Arab Bank (Doha, Al Sadd, C-Ring Road branches), Commercial Bank of Qatar (all branches), Doha Bank (City Centre branch), HSBC (all branches), International Bank of Qatar (Main, Markiya branches), Qatar Islamic Bank (all branches), International Islamic (Main, Kahraba, Gharafa, Wakrah, Salwa, Al Hilal, West Bay branches) and Rayan Bank (all branches).

“We anticipate a high degree of interest in this IPO, which continues our initiatives to implement the wise directives of Emir Sheikh Hamad Bin Khalifa Al-Thani in support of the privatisation programme within the energy and industry sector,” said Deputy Prime Minister, Energy & Industry Minister and GIS Chairman Abdullah Bin Hamad Al Attiyah.

Qatar Petroleum will continue to hold approximately 30 per cent of the available share capital of the company, with approximately 4.2 per cent being made available to Selected Institutions and approximately 65.8 per cent being made available to the Qatari individuals. 

Individual investors will be able to apply for a minimum allocation of 250 shares, with multiples of 50 shares thereafter, and for a maximum of shares of 10,000 per individual. 

Payment at receiving banks will be via electronic transfer only.  No cheques will be accepted for this IPO from the receiving banks. Cheques will be accepted from non-receiving banks only.

Qatar National Bank has been appointed as Lead Receiving Bank.  The Financial Advisor and Lead Manager for the IPO is HSBC Bank Middle East Limited, with Norton Rose and the Law Offices of Manaa Nasser Saleh acting as legal counsel. –TradeArabia News Service