Mubasher: Qatar Petroleum (QP) on Wednesday announced the successful closure of the initial public offering (IPO) of Qatar Aluminium Manufacturing Company’s (QAMCO) shares, according to QP’s statement.

The shares, represented 49% of QAMCO’s issued share capital, were offered at QAR 10.1 per share, which includes the nominal value per share of QAR 10, plus offering and listing costs of QAR 0.1 a share.

The offering comprised a total of 273,425,880 ordinary shares, all of which were subscribed for in the IPO subscription period, which took place during the period between 30 October and 12 November.

“The successful subscription of the IPO reflects the strength of Qatar’s economy, and the confidence in the State’s economic policies pursued under the Qatar National Vision 2030 which support the development of Qatar stock market,” Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, president and CEO of QP, said.

The IPO was oversubscribed 2.5 times the amount of shares offered to individual investors.

“Allocation of Shares is expected to be finalized and announced on Sunday 25 November 2018, and any refunds to shareholders will be made on the same date. Individual applicants will be advised of their subscriptions via SMS,” the statement said.