Dandy successfully completes book-building process ahead of IPO

Dandy, one of Qatar’s leading dairy and food products companies, has completed the institutional book-building process ahead of its planned initial public offering and listing on the Qatar Stock Exchange (QSE). Nineteen institutional investors participated in the process, which was oversubscribed, and the company has set the offer price at QR 5 per share. Dandy has also received a No-Objection Letter from the Qatar Financial Markets Authority (QFMA) in relation to the completion of the IPO and listing process and is moving to finalise remaining regulatory and procedural requirements ahead of a public subscription phase.

"The book-building mechanism is a structured process for determining the offer price based on demand from institutional investors and their assessment of the company,"

Book-building details and investor response

The company reported strong demand from institutional investors during the book-building, with 19 institutions submitting bids that resulted in an oversubscription of the offering. The QR 5 per share price was determined through this mechanism, which links pricing to the assessments and demand of specialised institutional investors and market dynamics.

• Institutional participation: 19 investors
• Offer price: QR 5 per share
• Regulatory milestone: No-Objection Letter received from the Qatar Financial Markets Authority
• Next phase: public subscription to be announced after remaining approvals

The announcement emphasised that institutional investors evaluated Dandy’s financial fundamentals, financial position, growth prospects and market potential as part of their submissions. The company and regulators framed the book-building exercise as enhancing pricing transparency and reinforcing investor confidence by tying the offer price to institutional assessments and market demand.

Receiving the No-Objection Letter from the QFMA marks a key step toward the company’s planned conversion into a Qatari public shareholding company and the listing of its shares on the QSE. Dandy said it will continue to complete the outstanding regulatory and procedural requirements in preparation for launching the public subscription phase, which will be announced at a later stage following receipt of the necessary approvals.

Outlook and next steps

With the institutional tranche concluded and the offer priced, attention now turns to regulatory clearances and the timetable for the retail public offering. The company has indicated the public subscription launch will be scheduled once it secures the remaining approvals. Market participants will be watching for the public offering window and any final confirmation of the listing timeline on the Qatar Stock Exchange.

The successful book-building and QFMA’s No-Objection Letter together position Dandy to move into the public subscription phase in the coming weeks or months, subject to regulatory completion. The oversubscription by institutional investors suggests solid professional demand for the company’s shares at the QR 5 offer price, which management will now seek to broaden to retail investors as part of its listing process.