Nawras to launch $1.03 billion IPO this September

IPO is to be open for both local and international investors

Tags: IPONawras (www.nawras.om)United Arab Emirates
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Nawras to launch $1.03 billion IPO this September Nawras has agreed on a detailed IPO plan with the public authorities, according to Nawras CEO, Ross Cormack.
By  Nithyasree Trivikram Published  August 26, 2010

Nawras, Oman's second operator, is to launch an IPO (Initial Public Offering) to be listed on the Muscat Securities Market, and the preparations are "going on according to the plan agreed with the relevant public authorities", according to a company statement.

Reuters cited a source familiar with the matter as saying that Nawras is hoping to raise up to OMR400 million (USD1.03 billion) from its IPO, reportedly scheduled for this September 20. The IPO will be open to both local and international investors, the report added.

Ross Cormack, CEO of Nawras, said: "Nawras has agreed on a detailed IPO plan with the public authorities. We are well on track and expect to make further announcements about our plans in the coming weeks." 

Nawras, a joint venture between Qtel, European telecommunications company TDC and several prominent Omani partners, has already completed five years of operations in the Sultanate, which is a legal requirement for the launch of the IPO.

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