Shares in Qatar's Mesaieed Petrochemical Holding Co soared 400 percent on Wednesday in the country's first stock market listing since 2010, far exceeding analysts' expectations.

The shares opened at 50.0 riyals, up from their initial public offer price of 10.0 riyals.

Mesaieed, a unit of state-owned Qatar Petroleum, had raised 3.2 billion riyals ($880 million) in an IPO of about 26 percent of the firm, which was open only to Qatari investors. The company holds stakes in ventures that make polyethylene, caustic soda and other chemical products.

Its opening price was far above fair-value estimates by many analysts. Ahmed Shehada, head of trading at QNB Financial Services, had said valuations for the stock ranged between 18 and 21 riyals.