Dandy's Qatar IPO of a 40% stake at QAR 5.01 a share closes on 20 October

Dandy Company is offering 41.2 million shares, or 40 per cent of its issued capital, at QAR 5.01 each in an initial public offering ahead of a listing on the Main Market of the Qatar Stock Exchange, according to the subscription application form for the offer. Subscriptions opened on 7 October 2026 and close at 11.59pm Doha time on 20 October, the form says.

The form gives an implied market value of QAR 515 million, based on QAR 5.00 a share once the QAR 0.01 offer and listing fee is deducted, and a post-offering capital of 103 million shares with a nominal value of QAR 1 each. At QAR 5.00 a share, the 41.2 million shares on offer are worth about QAR 206 million, a Boards and Capital calculation from the form's figures.

Dandy is a dairy and food products company, according to a company statement distributed by Zawya, which said 19 institutional investors took part in its book-building and that the offering was oversubscribed. The offering has the approval of the Qatar Financial Markets Authority, the state news agency QNA reported on 30 September. The form describes the company as a Qatari public shareholding company in the process of conversion and leaves the receiving banks, the offer and listing adviser and the listing date to the prospectus.

How the shares are split

Of the 41.2 million shares, 12.36 million, or 30 per cent of the offer, go to institutional investors through what the form calls a completed price-building process. The remaining 28.84 million are for qualifying Qatari individual and corporate investors in the public subscription, according to the form. The price of QAR 5.01 is made up of the QAR 1 nominal value, a QAR 4.00 premium and the QAR 0.01 fee, and is paid in full on application. At QAR 5.00 a share, the institutional tranche is worth about QAR 61.8 million and the public tranche about QAR 144.2 million, on the same arithmetic.

The founders will keep 61.8 million shares, or 60 per cent, plus any shares not taken up in the public tranche, the form says. It does not say whether the shares on offer are new shares or existing shares sold by the founders, and it does not set out a use of proceeds or any lock-up on the founders' holding.

Who may subscribe

The public tranche is open to Qatari citizens and to entities established in Qatar with a commercial registration from the Ministry of Commerce and Industry, according to the offer page of AlRayan Bank, which takes applications through its branches and electronic channels. Non-Qatari investors cannot subscribe in the public tranche but may buy after listing, subject to a 49 per cent cap on aggregate non-Qatari ownership, the Arabic version of the page says.

The minimum application is 200 shares, with larger applications in multiples of 50, and the maximum is 5.15 million shares, the form shows. No investor other than the founders may hold more than 5 per cent of the company directly or indirectly; the 5.15 million maximum application is exactly 5 per cent of the 103 million shares in issue after the offer, a Boards and Capital calculation. Individuals are allocated first, then companies, then other permitted investors at the company's discretion, with oversubscribed categories scaled back pro rata and fractions rounded down.

Payment is by direct debit from the investor's designated account; bank transfers, cheques and cash are not accepted, according to the AlRayan Bank page. Applicants do not need an existing investor number, which the subscribing bank can create in coordination with Edaa, the page says. Excess payments are expected to be refunded within two weeks of the close.

What comes next

The company may change the subscription dates where the rules allow, the form says. The close on 20 October is the next fixed date; allocation, refunds and the first day of trading follow, and the form leaves the listing date to a later announcement.