Baladna to make stock market debut today

The Baladna Company, which recently concluded its initial public offering (IPO), will make its stock market debut today.

The shares will be listed on Qatar Stock Exchange (QSE). With the listing of Baladna, the number of listed companies on QSE will increase to 47. The IPO, which ran from 27 October 2019 to November 7, 2019, was oversubscribed.

QSE sources said that the shares of Baladna will be listed with the code “BLDN” in the Consumer Goods & Services sector. As usual, price floatation for Baladna will be permitted only for the first day of listing.
Price fluctuation on the second day and thereafter will be permitted by 10 percent up/down as the case for all other listed companies.

There will be no change in the trading session during the first day of listing, except for the Pre-Open period as brokerage companies will be only permitted to enter buy/sell orders for Baldna shares starting at 8.30 am during the first listing day only; while the Pre-Open period for other listed companies will remain as usual, at 9 am.

The data will become  available at the brokerage firms effective Sunday, December 8, 2019, so investors will be able to submit their buy/sell orders directly to the brokers as of that date, the source added.

QSE announced informed all brokers and investors that market price and un-priced orders must not be entered into the trading system during the preopening of Baladna on its first day of trading.

Baladna was established on December 2nd 2019 with an authorised capital of QR1.9bn, which is 100 percent paid in full. The company’s primary objective is to manage, supervise and set the business strategy of Baladna.

The objects and activities of the Company under the AoA are to establish, own, hold, buy, sell, subscribe for, transfer and allot or redeem shares, loan notes, bonds and any interests in itself, any affiliate and / or any company or undertaking; in addition to invest any of the Company’s assets in funds, shares, bonds and financial instruments; as well as owning patents, commercial businesses, franchises, movable assets, personal and real property necessary or conducive for the furtherance of its objects.

Source from: The Peninsula