(MENAFN - Gulf Times) HSBC Bank Middle East has acted as lead manager for Mannai Corporation's successful QR399m rights issue.
The offer attracted strong demand from the market and was oversubscribed by 15%, a bank spokesman said.
"This was an incredibly successful issue, launched against a challenging global backdrop. The subscription levels, and the sheer number of participating investors demonstrate the strength of the Mannai name," said Abdul Hakeem Mostafawi, CEO of HSBC Bank Middle East in Qatar (pictured).
Earlier this year, HSBC Bank Middle East acted as buy-side adviser and lead arranger for the financing of Mannai's acquisition of 35% interest in Axiom Telecom, the largest primary authorised retailer and distributor of international brands of mobile phones in the GCC (Gulf Co-operation Council) region.
In the Middle East and North Africa, HSBC has a leading equity capital markets franchise with a strong track record of advising on more than 35 equity offerings in the region since 2005.
In Qatar, HSBC previously advised on the 960mn initial public offering (IPO) of Vodafone Qatar, the 496mn private placement and IPO of Gulf International Services and the 600mn IPO of Industries Qatar.