The Initial Public Offering (IPO) of Baladna Food Industries (BFI), the leading and largest dairy producer in Qatar, will run from today.
The locally-owned dairy and beverage company Baladna is aiming at raising as much as QR1.43bn by offering 75 percent equity stake to public through the IPO which will be in the market until November 7, 2019.
Leading banks have announced the financing of Baladna IPO subscriptions. QNB, the largest financial institution in the Middle East and Africa, has announced the bank will finance 65 percent of the total value of shares that Qatari QNB customers wish to purchase, as per certain set conditions.
Qatar Islamic Bank (QIB) yesterday announced its participation in the IPO. To simplify the subscription process, QIB has upgraded its award-winning Mobile App and Internet Banking to give Qatari customers the opportunity to register and subscribe online to any IPO.
Announcing its participation in the subscription to Baladna IPO, the QIIB said it has made all the required logistic arrangements to welcome subscribers in the 15 branches that are participating in the IPO subscription process.
Commercial Bank, Qatar’s first private bank, is offering its eligible customers the opportunity to take part in the IPO subscriptions, through their digital service for IPO (Initial Public Offerings) using the Bank’s Retail Internet Banking or Mobile Application.
Doha Bank, one of the receiving banks for the IPO subscription, announced it will offer up to 65 percent finance to all Qataris and their first degree relatives who would like to invest in Baladna Company. Doha Bank CEO Dr R Seetharaman said yesterday, the bank is honoured to help Qataris to be a part of the ‘tremendously successful story of Baladna by extending financial support for the subscription of the company’s shares.
Masraf Al Rayan, Barwa Bank, al khaliji are among other banks which are expected to provide personal loans to finance subscription in Baladna IPO.
BFI is Qatar’s largest dairy and beverage company, and over the past more than five years, the company’s herd has grown to approximately 18,000 cows, housed in two farms spread over a total area of more than 2 million square meters. In its barns, plants, and factories, BFI implements international best practice in veterinary care, hygiene and food safety to maintain the highest quality of fresh produce, so that in 2017, mid-blockade, BFI proactively made Qatar self-sufficient in fresh milk.
In April 2019, the company began selling non-dairy products, namely juices. Baladna has also commenced limited exports to neighboring countries. BFI’s resources include its own plastic factory and on-site packaging/bottling plants, a water treatment facility to meet farm operation needs, a feed storage facility with a six-month reserve capacity, and state-of-the-art facilities including the most advanced milking parlour in the region.
