i2 planning IPO for next year

Saudi Arabian firm pencils in second half of 2008 for launch date.

  • E-Mail
By  Michele Howe Published  October 8, 2007

Saudi Arabian mobile phone supplier i2 is setting its sights on an initial public offering for the second half of 2008, ITP.net can reveal.

“There are a few more internal measures we have to take before we can set about making an initial public offering but it is something we are looking to implement in 2008,” Abdul Hameed Al Sunaid, i2 CEO told ITP.net sister publication CommsMEA.

He went on to explain how the company will seek to float on the Saudi Stock Exchange at some point in the third or fourth quarter of 2007.

“The acquisition of an MVNO licence in Jordan will be a massive step in our development and will make a return for our investors,” he added.

Al Sunaid’s comments come after the company announced its intention to acquire a string of MVNO licences in the region, starting with the Jordanian market.

“We are aiming towards an January 1 launch date in Jordan and in Bahrain we are in the advanced stages of negotiating to launch a MVNO operation. I think we’ll be able to launch there very soon, Egypt will be next and then Saudi Arabia as well as Oman,” said Al Sunaid.

He added that the company was also monitoring the Iranian market.

i2 is one of the fastest growing companies in the region having recorded a fivefold revenue increase in the last three years, according to Al Sunaid.

i2’s latest acquisition, as well as the recent buyout of Dubai-based mobile company Cellempower and UK GSM trading company Allied TC last year, led the firm to announce projected revenue growth for 2007 at $3.2 billion, double the $1.3 billion revenue it made in 2006.

The company expects to shift 12 million handsets in 2007, again more than double the volume it sold the previous year, and to open additional 150 retail outlets in the MENA region over the next three years.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code