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Qtel’s Nawras to raise $600m in IPO
02 September 2010
Nawras, the Oman operator owned by Qtel of Qatar, is to raise up to $600m in an offer of shares this month
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Qtel
Nawras
Qatar
Oman
IPO
Morgan Stanley
Bank Muscat
QNB Capital
Oman’s Nawras is seeking to raise between $550 million and $600 million in its initial public offering. The subsidiary of Qatar’s Qtel agreed to float 40% of its capital in February as a condition of its licence, but the government granted the company an extension to September.
The operator is planning to offer 260 million shares. The IPO is expected to launch on September 15 and will be open for a month.
The shares could list on the Oman bourse by the end of October. All founding shareholders of the company, including majority shareholder Qtel will offload their stake through the offering on a pro-rata basis.
The Omani phone provider plans to sell 30% of the shares to institutional investors and the rest to retail investors. Morgan Stanley, Bank Muscat and QNB Capital are lead managers of the sale, while Morgan Stanley and Bank Muscat will be the book-runners. GTB