(MENAFN- Gulf Times) Dukhan Bank, the third largest and fastest growing Islamic lender in Qatar with total assets of more than QR100bn, will Tuesday make its entry into the trading ring of the Qatar Stock Exchange, the second entity to go public through direct listing this year.
With Dukhan Bank's listing, total number of listed constituents in the banks and financial services sector will become 13 and overall, it will be 50.
The lender has been allotted the symbol 'DUBK'.
Dukhan Bank is listing 5.23bn shares at QR4.35 per piece (including premium of QR3.35). Market capitalisation will be QR22.77bn at listing valuation with sufficient free float of 33.344%.
The bank's price will be floating Tuesday (being the first day of listing), while from the second day, the price will be allowed to fluctuate by 10%, up or down, as is the case for the other companies listed on the market.
There will be no change in the time of the trading session during the first day of listing and the pre-open period will remain at 9am as usual.
'We believe that the direct listing will offer attractive levels of trading liquidity and provide an opportunity for qualified investors and niche clients to join the ongoing growth journey of the bank,' Dukhan Bank chairman and managing director Sheikh Mohamed bin Hamad bin Jassim al-Thani had said earlier.
The bank's founders represent 66.66% of total share capital upon listing and will be restricted from selling shares for the first year of trading, as per the Qatar Financial Market Authority rules, while the remaining share capital of 33.34% shall be freely tradable.
The founders are General Retirement and Social Insurance Authority (Pension Fund) with 24.48% stake; General Retirement and Social Insurance Authority (Military Pension Fund) with 11.67%; Qatar Holding with 6.96%; Al Sanad Trading Company and its related companies with 10.08% and Brooq Trading Company and its related companies with 13.47%.
The bank was incorporated in 2008 under the name of Barwa Bank and commenced operations in 2009 as a full-service Shariah-compliant entity. It rebranded itself as Dukhan Bank in October 2020, following the merger with International Bank of Qatar in 2019.
As part of the merger, the bank solidified its already strong capital position, which helped it to grow and beat the market on multiple fronts including financing assets, customer deposits and net profit, which shown double digit growth with a compound annual growth rate of more than 20% post-merger in 2019 till last year-end.
The existing capital base on back of strong profitability, operational efficiency and prudent risk management in the past, allows it to excel in the future as well with same ambitions, the bank said.
MENAFN20022023000067011011ID1105604852
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.