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Techno Q To Begin QEVM Trading on June 26

Techno Q To Begin QEVM Trading on June 26

Qatar Electronic Systems Company (Techno Q) – a leading systems integrator specialising in audiovisual, lighting systems and business solutions – is all set to start trading on the Qatar Stock Exchange’s Venture Market (QEVM) from June 26.

The listing, which comes as part of the group’s strategic growth plans and to enhance its brand and market position, has received confirmation from the QSE.

With the listing of Techno Q, the number of companies listed on the QEVM will become two. Since its inception, the junior bourse has seen listing of three entities, the two of which later got shifted to the main market.

"As a homegrown Qatari company, we are pleased to be a fixture on the country’s dynamic and evolving economic landscape, one which embraces innovation and recognises the value of digitisation. Our core values and commitment to excellence remain steadfast and we look forward to strengthening our legacy right across the region,” said Zeyad al-Jaidah, managing director and co-founder of Techno Q.

As many as 84.5mn shares will be listed through direct listing (without offering shares for public subscription). The shares of Techno Q will be listed with the symbol "TQES".

The reference price for the share has been set at QR2.9 (including premium of QR1.9), based on the documents submitted by the company. Market capitalisation is QR245.05mn at listing valuation.

On the first day of listing, the company’s price will be floated, while from the second day, the price will be allowed to fluctuate by 10%, up or down, as is the case for other companies listed on the market.

On the date of listing and up to one year post listing, the founders are allowed to trade no more than 30% of their shares so that the tradable shares in the first year after listing shall not exceed 40% of the total issued and paid-up capital.

"As the country experiences rapid growth and digital transformation, Techno Q is also expanding and developing its offering as we look to serve world-class clients right across the Middle East and beyond. We are looking forward to a bright future as a publicly owned entity which operates with integrity and agility,” said Abdulla al-Ansari, executive director and co-founder of Techno Q.

The listing advisor was Consulting Haus, the domestic legal adviser Sharq Law Firm, global legal adviser Eversheds Sutherland (International) and financial evaluator Deloitte and Touche, Qatar branch.

Techno Q was established in Qatar in 1996 operating in the AV, hospitality and lighting segment through its own operation and in the ELV and security systems segment through its fully owned subsidiary Techno Q Security Systems.