Eversheds Sutherland Advised Qatari IT Provider MEEZA on Landmark IPO

Eversheds Sutherland Advised Qatari IT Provider MEEZA on Landmark IPO

Eversheds Sutherland, a globally recognized law firm, provided legal counsel to MEEZA QSTP, a Qatari company, throughout its QAR704 million initial public offering (IPO) and its subsequent listing on the Qatar Stock Exchange.

MEEZA's IPO, representing the first IPO on the Main Market of the Qatar Stock Exchange in three years, stands as an important milestone for the Eversheds Sutherland Capital Markets team in Qatar. This accomplishment proudly marks the team's third successful listing this year, highlighting their expertise and dedication in the field.

MEEZA's shares were officially admitted for trading on the Qatar Stock Exchange's Main Market on August 23, 2023. This achievement is remarkable not only because of the substantial IPO size but also because it signifies the inaugural use of the Book-Building mechanism for company valuation in Qatar. Furthermore, this event marks the debut of a company registered in the Qatar Science Technology Park's free zone trading on the Qatar Stock Exchange, underscoring Qatar's dedication to advancing its capital markets potential.

MEEZA, an end-to-end managed IT services and solutions provider with a presence in Qatar since 2008, oversees the management of five data centres known as M-Vaults. In addition to its data centres, MEEZA offers a wide spectrum of services, encompassing managed IT services, solution services, workplace services, security, and cloud services.

In the process of MEEZA's IPO and listing, Eversheds Sutherland acted as international legal counsel, while Sami Abdullah Salim Abu Shaikha Law Office provided valuable local counsel support. QInvest played the role of Listing Advisor and Offering Manager, EY Consulting served as the Financial Evaluator, and Deloitte & Touche – Qatar Branch acted as the External Auditor.

Qatar National Bank (QNB) was the lead receiving bank for the QAR704 million initial public offering (IPO) of MEEZA QSTP. Ahli Bank, Arab Bank Group, Commercial Bank, Doha Bank, Masraf Al Rayan, Qatar Islamic Bank, and Qatar International Islamic Bank were the other receiving banks.

The Eversheds Sutherland team, which played a key role in this transaction, was led by partner Samer Sarkis. He was supported by Qatar's managing partner Dani Kabbani, as well as senior associates Cristina Craciun and Julie Mehem, along with associates Karim Kobaissy and Marwah Rawashdeh.

Samer Sarkis, Partner at Eversheds Sutherland, shared that it was a rewarding experience to be part of this third listing of the year. He noted their particular pride in advising on a demanding IPO timeline, where MEEZA achieved a successful listing within just one year of commencing formal preparations for it.

“MEEZA’s IPO is the first IPO on the Main Market of the Qatar Stock Exchange under the new Offering and Listing Rules and marks the first time ever that the Book-Building mechanism is utilised in Qatar. This is a significant milestone in the country’s developing capital markets landscape and a testament to the leading expertise of the Eversheds Sutherland Capital Markets team in Qatar on having been appointed and successfully delivered this first-of-its-kind IPO and listing in Qatar,” Samer Sarkis said.

Ahmed Al Muslemani, Chief Executive Officer of MEEZA, expressed his delight at being the first company from Qatar Science and Technology Park to be listed on the Qatar Stock Exchange.

“I would like to extend my gratitude to the Eversheds Sutherland team for their exceptional advice and support throughout the entire transaction. Their excellent knowledge of the local capital markets environment, the regulatory requirements and their dedication to conclude this transaction were instrumental in helping us achieve this groundbreaking milestone,” Ahmed Al Muslemani added.