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QSE · Gulf

Qatar Stock Exchange

Listing requirements, segments and the practical points that matter for a company from the CIS, Central Asia or the Gulf.

Data checked: 6 November 2026
Location
Doha, Qatar
Regulator
Qatar Financial Markets Authority (QFMA)
Trading currency
QAR
Indicative timeline
Not specified

Listing segments

Main Market

Minimum market capitalisation
Not specified
Minimum free float
20%
Track record
2 years
Profit required
Yes
Minimum shareholders
200
Lock-up
12 months

QSE listing page: capital at least QR 40 million (about USD 11m), fully paid; shareholders' equity equal to paid-up capital per latest audited statements; average operating profit of 5% of capital from the principal activity for the last two years; 2 years of audited financial statements; issuer must convert to a Qatari public shareholding company. IPO: at least 200 non-founder shareholders and offering of 20-60% of shares; direct listing: at least 100 non-founder shareholders and 25-60%. QSE rules require 20% free float (minimum 5% for large caps at QSE discretion). Lock-up (QSE Main Market requirements, 2021): founders of a transformed company are locked up for 1 year from first trading and must jointly keep 40% until the end of the second year; for newly founded companies 2 years from the establishment AGM under the Commercial Law. Prospectus approved by QFMA, IFRS reporting.

Venture Market (QEVM)

Minimum market capitalisation
Not specified
Minimum free float
10%
Track record
1 year
Profit required
No
Minimum shareholders
20
Lock-up
Not specified

QSE Venture Market pages: joint-stock company licensed by the Ministry of Commerce (not required for foreign issuers); minimum subscribed capital QR 2 million (about USD 549,000); shareholders' equity at least 50% of capital; 1 year audited track record; no profitability requirement; Information Memorandum approved by QFMA; offering of 10-60% of shares (IPO or direct listing); at least 200 non-founder shareholders for an IPO or 20 for a direct listing. Lock-up for the Venture Market not found in the sources reviewed.

Foreign issuers

Under the QSE Main Market requirements, non-Qatari companies must normally be listed on their home exchange (or on the exchange of the majority shareholders' nationality); the current listing page also states that the issuer must convert into a Qatari public shareholding company, so foreign groups usually list through a Qatari holding. On the Venture Market the Ministry of Commerce licence requirement does not apply to foreign issuers. QFC-registered companies should approach QFMA early.

Recent changes

QFMA issued a new Governance Code for Listed Companies, effective 17 August 2025, applying to Main and Venture Market companies with a one-year transition period.

Strengths

  • Venture Market: QR 2m capital, 1-year history, no profit test, 10% float
  • Direct listing route with as few as 20 shareholders on the Venture Market
  • Wealthy domestic and GCC investor base, mandatory IR rules raise visibility

Watch-outs

  • Main Market requires 5% average operating profit on capital for two years
  • Only one company on the Venture Market as of 2025-2026, liquidity is thin
  • Issuer generally must be a Qatari joint-stock company

Sources

  1. 01QSE - Listing (Main vs Venture requirements)primary source
  2. 02QSE Main Market Listing Requirements (2021)primary source
  3. 03QSE Venture Market - How to Listprimary source
  4. 04Legal 500: New QFMA Code strengthens corporate governance for listed companies

Requirements change. Always confirm with the exchange and the regulator before making decisions.

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Information on this site is educational. It is not investment advice, an offer of securities or financial advice. Exchange requirements change; always check the primary sources. Full disclaimer