Dandy closes oversubscribed IPO, raising 206 million riyals

Summary

• Dandy completed its IPO after demand exceeded the 41.2 million shares on offer.
• Shares were priced at 5 riyals each, raising 206 million riyals in total.
• The listing tests retail appetite for Qatari offerings and adds a November debut.

The latest

Demand outstripped supply in Dandy's initial public offering, the company said Tuesday, clearing the way for a listing on Qatar Stock Exchange's main market in November. The Qatari public shareholding company under conversion said the subscription period ran from 7 to 20 October 2026, with 41,200,000 shares sold at 5 riyals each for a total of 206 million riyals.

Details

• The numbers: The offering covered 41,200,000 shares at 5 riyals per share, for total proceeds of 206 million riyals, according to the company's statement on the Qatar Stock Exchange website. Subscribers paid 5.01 riyals per share, the extra fraction covering offering and listing fees.
• The split: Retail investors were allocated 28,840,000 shares, or 70% of the offering, while institutions received 12,360,000 shares, or 30%, placed through a book-building process, the company said. The heavy retail weighting makes the deal an unusually direct read on individual investor appetite in Qatar.
• The float: Founders retain 60% of issued and paid-up capital, subject to lock-up rules administered by the Qatar Financial Markets Authority, Dandy said. That leaves a free float of 40% at listing, the portion available for trading once the shares begin changing hands.
• The timeline: Subscription ran from 7 to 20 October 2026, and the company announced successful completion on Tuesday 27 October 2026, according to Qatar News Agency, which carried the statement filed to the exchange.
• The listing: Trading is expected to start on the main market of the Qatar Stock Exchange in November, once regulatory and technical requirements are completed, the company said. It added that the exact date would be announced in the coming days.
• Status of the issuer: Dandy is described in its own filing as a Qatari public shareholding company under conversion, meaning the legal transformation that accompanies a flotation has not yet been fully concluded. Completion of that process is tied to the same regulatory steps that precede the start of trading.
• What was not disclosed: The company did not publish a subscription coverage ratio, did not break out how far institutional demand exceeded the 30% tranche, and did not name the banks that ran the book-building exercise or the offering's advisers.
• Use of proceeds: The statement announcing completion set out the size, pricing and allocation of the offering but did not specify how the 206 million riyals raised would be deployed, nor did it give a timetable for any subsequent capital raising.
• Also: Founders keep 60% of capital, leaving a 40% free float at listing.

Background

Qatar Stock Exchange's main market has pushed to broaden its listed base beyond the energy and banking names that dominate turnover. Retail-heavy allocations have been a recurring feature of recent Qatari offerings, designed to widen domestic share ownership.

Between the lines

The structure signals where the risk sits. With 70% of the offer steered to individuals and founders locked into 60% of capital, the tradable float at debut is narrow, which can amplify early price moves in either direction. Oversubscription establishes demand at 5 riyals but says nothing about how that demand behaves once the lock-up constrained stock starts trading in November.

What's next

Watch for the listing date announcement, expected within days, and the first session on Qatar Stock Exchange's main market in November. Allocation results and the final subscription coverage ratio would be the next concrete signals.

Source: Qatar News Agency (QNA), Qatar Stock Exchange