MESAIEED PETROCHEMICAL Holding , a unit of state-owned energy giant Qatar Petroleum , will conduct a QR3.2 billion ( $880 million ) initial public offering (IPO) of its shares in the local market this month, according to officials. It would be the first IPO since 2010 in Qatar's stock market, after the global financial crisis froze issuance. Authorities want to revive IPOs as a way to develop Qatar , the world's top exporter of liquefied natural gas (LNG), into a regional financial hub. For political reasons, the government also aims to use IPOs to spread more energy wealth among citizens. "We encourage citizens to take part in this investment and also to await other opportunities in the pipeline," said energy and industry minister Dr Mohammed Saleh al Sada . Qatar plans to conduct IPOs worth QR50 billion in its stock market over the next ten years, he said. The country has a population of about 2.1 million, roughly 250,000 of whom are local citizens. The Mesaieed Petrochemical offer, open only to Qatari citizens, will be conducted between 31 December 2013 and 21 January. Trading in shares is expected to start next month, finance minister Ali Shareef al Emadi said. The offer price of the shares will be QR10 each, plus listing costs of QR0.2 per share. The IPO will comprise about 26 per cent of the company.
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