Kuwait's VIVA raises $93.6mn in IPO

Gulf state's third telecom operator's public offering was 2.4 times oversubscribed, sold 250mn shares.

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By  Ulf Laessing Published  September 26, 2008

Kuwait's third telecom operator VIVA raised 25 million Kuwaiti dinars ($93.6 million) in an initial public offering of half its capital which was 2.4 times oversubscribed.

VIVA, 26 percent of which is owned by Saudi Telecom Co, sold 250 million shares, state news agency KUNA quoted the president of its founding committee Adel Al-Roumi as saying in a statement.

The company received offers worth 88.54 million dinars ($331.5 million), Al-Roumi said.

Earlier this month, VIVA's chief executive Najeeb Alawadhi told Reuters the company aimed to attract 300,000 subscribers in its first year of operation, a market share of 10 percent. (Reuters)

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