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Qatar food and beverage company Baladna to raise 1.43B riyals in IPO

Qatar-based dairy company Baladna Food Industries is aiming to raise up to 1.43 billion Qatari riyals in its planned IPO of 75% of the company's stock, the Gulf Times reported Oct. 17, citing the company's IPO prospectus and executives' statement to local reporters.

The report comes a week after the Qatar Financial Markets Authority approved Baladna's planned listing, saying the offering will commence as soon as the company completes all legal requirements and submits its prospectus and all relevant data.

The Gulf Times said Baladna is inviting early investors to subscribe to its shares at 1.01 riyals apiece from Oct. 26 to Nov. 7. The company is expected to be listed on the Qatar Stock Exchange by the week of Dec. 9, the report said.

"The time is ripe for this IPO ... [Baladna] already enjoys an unparalleled position in Qatar as a market leader with growing exports and increasing economies of scale, a robust financial basis and continuing company support," Baladna Vice Chairman Ramez al-Khayyat reportedly said.

Baladna intends to use the proceeds from the offering to boost its financial position and meet future investments, the newspaper said.

As of Oct. 17, US$1 was equivalent to 3.64 Qatari riyals.