Oman telco Nawras, a subsidiary of
Qatar Telecommunications, extended the offer period
for its initial public offering (IPO) by one week after retail
portion of the offer was only covered by 5 percent, two sources
familiar with the matter said on Tuesday.
Nawras, which broke the monopoly of state-controlled Omantel
in 2006, is aiming to raise as much as $608 million and
has put up 260 million shares priced between 702 to 902 baisas
in the Gulf Arab state’s first IPO sale through a book building
route.
The company has so far received bids of 9 million shares
from retail investors, while the institutional part of the
offering has been oversubscribed with an indication of around
320 million shares being bid by investors, sources said.
The offer period has now been extended to Oct. 21.
As much as 70 percent of the offering is open to individual
investors, while the rest is for institutional investors.
The IPO has drawn investor bids in the range of 702 and 802
baisas for its initial public offering, Oman’s market regulator
said in a statement to the bourse earlier in the day.
The company also extended the final price confirmation for
the offering to October 31 from the earlier date of October 24.
The shares will be listed in the Muscat bourse on November 3
instead of October 27 as announced earlier. Book building for
the IPO issue began on Sept. 15 and was supposed to run for a
month.
Separately on Tuesday, Saudi-based Al-Khodari and Sons Co,
cut its initial public offering’s retail tranche due to poor
demand. (Reuters)
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