Qtel’s Nawras plans to raise $608Mn in IPO

Oman’s Nawras, the second largest Mobile operator in Oman and a company controlled by Qatar Telecommunications has announced that it is planning to raise up to $608 million.

According to the company, Nawras has set a price range of 702 baisas to 902 baisas for a share and the book-building process for the sale will start on Sept. 15 for a period of one month. The sale will raise US$471 million to US$608million. Retail investors will initially subscribe at the higher end of the range. Any refunds will depend on the final pricing and allocation of shares to investors.

The IPO is the first in Oman this year and the seventh in Gulf Arab countries after six from Saudi Arabia, the biggest Arab economy. Final share price for the IPO will be determined on October 24 and the shares will be listed on the Muscat bourse on October 27. Morgan Stanley and BankMuscat are handling the bookrunning process. Nawras could become the fifth-largest listed company on the Muscat bourse when it starts trading on October 27, with a market capitalisation of up to OR586m.

According to Chief Executive Officer Ross Cormack, Nawras is in touch with 150 institutional investors across the Middle East and Europe. The Omani phone provider plans to sell 30% of the shares to institutional investors and the rest to retail investors.