GIS raises Dh8,987m from investors - Emirates24|7

GIS raises Dh8,987m from investors


Qatar Petroleum has raised QAR 8,900 million (Dh8,987m) from about 166,000 Qatari investors who subscribed to the Initial Public Offering of Gulf International Services (GIS). 

The offer share price was set at QR21 per offer share, with offering costs of QR0.6. Each valid subscriber is guaranteed to receive 250 shares of the 80,844,700 shares, and for those subscribers who requested more, they will receive around 10 per cent of their subscription above the 250 minimum. Potential investors were able to apply for a maximum of 10,000 shares. The deadline date for refunding the surplus subscription money to the Qatari subscribers is March 26.

GIS is a newly established holding company comprising Al Koot Insurance and Reinsurance Company, Gulf Drilling International Limited and Gulf Helicopter Company. The financial advisor and lead manager for the IPO is HSBC Bank Middle East, with Norton Rose and the Law Offices of Manna Nasser Saleh Advocates and Legal Consultants acting as legal counsel. Qatar National Bank is the lead receiving bank.