October 17, 2019 / 8:55 AM / a month ago

Qatar's dairy firm Baladna to raise $392 mln in IPO

DUBAI, Oct 17 (Reuters) - Qatar’s dairy company Baladna plans to launch an initial public offering later this month that could raise 1.426 billion riyals ($392 million) by selling 75% of its share capital in the domestic bourse, it said on Thursday.

Baladna is creating a dairy industry in the desert to help the country withstand a boycott which started in 2017 by other Arab states including Saudi Arabia, a key exporter for food products to Doha.

Baladna, incorporated in 2014, is Qatar’s largest dairy and beverage company, and its herd has grown to approximately 18,000 cows, housed in two farms spread over a total area of more than 2 million square meters.

Baladna’s IPO opens for subscription on October 27 and closes on November 7, the statement said.

$1 = 3.6400 Qatar riyals Reporting by Eric Knecht; Writing by Saeed Azhar, editing by Davide Barbuscia

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