FINANCIAL NEWS

Nawras to raise $608m in Oman IPO

07 Sep 2010

(MENAFN) Oman’s Nawras, a subsidiary of Qatar Telecommunications Co (Qtel), has announced plans to raise as much as $608 million in its 40 percent initial public offering (IPO) sale, Times of Oman reported.

Nawras, which broke the monopoly of state-controlled Omantel in 2006, plans to offer 260 million shares in Oman’s first IPO in two years, a source told Reuters last month.

If the offer is fully subscribed, Nawras would raise $472.7 million at the lower end of the range and about $607.8 million at the higher end based on the number of shares allotted for sale.

Retail investors will initially subscribe at the higher end of the range, Nawras said in a statement. Any refunds will depend on the final pricing and allocation of shares to investors, the company added.

As much as 70 percent of the offering is open to individual investors, while the remaining part of the issue will be open to institutional investors.

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