Mesaieed Petrochemical Holding Company (MPHC), a unit of state-owned Qatar Petroleum (QP), listed on the Qatar Exchange (QE) on 26 February.

The firm raised QR3.23bn ($880m) through an initial public offering (IPO) in January, which was open to Qatari nationals and several local institutions. The offering represented about 25.73 per cent of the unit’s share capital.

The IPO is part of Qatar’s plan to distribute its wealth among local citizens through stock market listings of government-related entities (GREs). About four other QP subsidiaries are set to be listed in the coming years, with another one expected to launch this year, sources say.

“The listing of MPHC is an important step in the implementation of the Qatar National Vision, which will contribute in achieving economic diversification, expand private sector participation in the development process and provide a real opportunity to all citizens to benefit directly from economic growth and the boom in the oil and gas sector,” says Mohammed bin Saleh al-Sada, Energy and Industry Minister and chairman of MPHC’s board.

MHPC’s share price closed at QR55 on its first day of trading, after opening at QR50.

“The QE is actively seeking to increase the number of listed companies through a greater understanding of the benefits of using public equity markets to finance growth,” says Rashid al-Mansoori, CEO of the stock exchange. “We look forward to the listing of MPHC being the starting point for a renewed interest in firms seeking IPOs and also in the future additional listed products including ETFs [exchange-traded funds] and sukuk [Islamic bonds].”