Al Mazaya Qatar, a subsidiary of Al Mazaya Holding, is planning an initial public offering (IPO) of 50 million shares at QR10 per share.

The IPO is scheduled in the last quarter of this year before listing on the Doha Securities Market (DSM), according to a Gulf News report.

Proceeds are to be used to raise the company’s capital to QR1 billion (nearly Dh1 billion or $274 million), according to an official.

The Qatar Investment House is the lead underwriter and bookrunner for the IPO.