Listing
Listing on the Venture Market
In terms of process and procedures, the documentation, application and review process is broadly similar for the Main Market and the Venture Market and both processes are governed by the QFMA Offering & Listing Rules.However, there are differences, designed to provide flexibility to QE Venture Market companies, the most important of which are detailed below:
- The issuer must be a Qatari public shareholding company
- The number of non-founder shareholders must not be less than 200 for a public offering and 20 for a direct listing
- The issuer must have carried out its activity and issued audited financial statements for at least one year
- The issuer's capital must not be less than 2 million Qatari riyals and must be fully paid
- The shareholders' equity must not be less than the paid-up capital according to the latest audited financial statements
- The percentage of shares offered must not be less than 20% and not more than 60% for a public offering and not less than 10% and not more than 60% for a direct listing
- The issuer must commit to complying with all the requirements set forth by the Qatar Financial Markets Authority, the QSE's Rulebook, and the Commercial Companies Law No. (11) of 2015 and its amendments
For more information on the issues related to listing on the Qatar Stock Exchange, please refer to the Offering and Listing Rulebook issued by the Qatar Financial Markets Authority, the Rulebook issued by the Qatar Stock Exchange, and the Commercial Companies Law No. (11) of 2015 and its amendments. These resources provide valuable information on the regulations and guidelines governing the listing process.
Differences between the Main Market and Venture Market
| Requirement | Main Market | Venture Market |
|---|---|---|
| Issued and Paid-up Capital | 40 million Qatari riyals | 2 million Qatari riyals |
| Shareholders Equity to capital | 100% | 50% |
| Profitability | Average operating profit to be less than 5% of the issuer’s capital from the issuer’s principal activity for the last two years. | Not required |
| Offering Percentage | - Not less than 20% and not more than 60% (IPO) - Not less than 25% and not more than 60% (Direct listing) | - Not less than 10% and not more than 60% (IPO or Direct listing) |
| Methods for pricing the IPO or listing | In case of an IPO: - Financial evaluator’s report prepared by a financial evaluator - Book building - Underwriter In case of a Direct listing: - A preliminary auction process - Financial evaluator’s report prepared by a financial evaluator - A combination of those methods | |
| Historical financial statements | 2 years of audited financials | 1 year audited financials |
| The number of shareholders at the time of listing | - 200 shareholders excluding the founders (IPO) - 100 Shareholders excluding the founders (Direct listing) | - 200 shareholders excluding the founders (IPO) - 20 Shareholders excluding the founders (Direct listing) |
| Listing Advisor | Required during the listing process. | Required during the listing process and for a period of 6 months after the listing. |
| Periodic Reporting | - Quarterly reviewed financial statements to be published within 30 days - Semi-annually reviewed financial statements to be published within 45 days - Annual audited financial statements to be published within 90 days | - Semi-annually reviewed financial statements to be published within 45 days - Annual audited financial statements to be published within 120 days |
| Annual listing fees | 0.03% of the issued capital | QAR25k flat fee (Waived for the first year) |
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QSE Listing Department