Business
Dandy opens public subscription for shares ahead of QSE listing
Dandy Limited (under conversion) has obtained approval from the Qatar Financial Markets Authority (QFMA) to offer 40% of its share capital for public subscription by investors at an offer price of QR5 per share.
The public subscription period will run on October 7-20.
The total shares offered (41.2mn) are divided into two tranches. The institutional tranche comprises 12.36mn shares, representing 30% of the offer shares, which have been allocated to institutional investors.
The remaining 28.84mn shares, representing 70% of the Offer Shares, will be offered to Qatari individual investors and entities incorporated in Qatar as part of the public subscription.
The book-building process, in which 19 institutional investors participated and which was oversubscribed, set the offer price at QR5 per offersShare. Subscribers will pay QR5.01 per offer share, inclusive of QR0.01 per share in offering and listing fees. The price applies equally to all offer shares, including the offer shares allocated to institutional investors and those offered as part of the public subscription. On this basis, the total offer size amounts to QR206.412mn.
Following completion of the initial public offering, the founding shareholder will retain 60% of the company's issued and fully paid-up share capital. Their shares will be subject to the applicable lock-up requirements under the QFMA's offering and listing rules, and the company's free float will be 40%. Following the subscription, the company's shares are expected to be listed on the main market of the Qatar Stock Exchange.