Citigate Dewe Rogerson advises on $3.5 billion Qatari privatisation IPO

Qatari energy giant Qatar Petroleum has appointed Citigate Dewe Rogerson to handle communications and retail marketing strategy for the IPO of its petrochemicals subsidiary, Mesaieed Petrochemical Holding Company Q.S.C., or “MPHC”. 

MPHC is a newly-established holding company that combines around 50% stakes in each of three of QP’s major petrochemicals businesses that produce industrial chemicals used in the manufacture of a range of everyday products. 

MPHC generated net profits of $440 million on revenues of $1.2 billion in 2012 and aims to be another Qatari national champion in its sector.

The IPO price has been set at QAR 10 (c. $2.75) per share and values MPHC’s equity at over $3.45 billion and the 25.725 % stake being sold in the offer at around $888 million.

One of the largest and highest profile IPOs in the Gulf in recent years, it has been selected as the first major share offering and listing on the Qatar Exchange under the State of Qatar’s policy to encourage long term Investment and the development of a personal savings culture among Qatari nationals. Eligible Qatari nationals will be able participate in the IPO on attractive terms through the award over time of an additional “incentive share” for every share purchased in the IPO.

Working with lead financial adviser Qatar National Bank, Citigate Dewe Rogerson has devised the overall communications and marketing strategy for the Offer which comprises a co-ordinated programme of English and Arabic media relations, advertising, online and social media communications and bank branch network information collateral. The subscription period closes on 21 January 2014 with listing of MPHC shares on the Qatar Exchange expected to take place in February.

The CDR team advising QP and MPHC on the IPO is being led by CDR Gulf Region President, Michael Prest in Doha and spans both Doha and London-based Directors including Toby Moore, David Westover and Andrew Hey.

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