Vodafone Qatar $929m IPO fully subscribed

Huge interest makes Vodafone Qatar second-largest IPO ever in country.

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By  Dania Saadi Published  May 1, 2009

Vodafone's Qatari unit said on Thursday its QAR3.38bn ($928.6m) initial public offering had been fully subscribed, making it the second-largest IPO ever in the Gulf Arab oil and gas exporter.

Investors offered QAR3.35bn, after expenses, for shares in the offering, said Ray Maurer, managing director of QNB Capital, one of the lead managers of the IPO.

"Given the challenging times we are facing in the global financial markets, we consider it an enormous success to sell this issue," Maurer told Reuters. The company said in a statement the IPO was fully subscribed.

Vodafone Qatar sold 338.1 million shares for 10 riyals each, representing a 40 percent stake, in an offering from Apr 12 to Apr 26. (Reuters)

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