Nawras IPO to raise up to $603m

Oman's Nawras confirms share price range for IPO

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Nawras IPO to raise up to $603m Ross Cormack, CEO, Nawras, desribed the IPO as a "unique opportunity" for customers and investors. (Sevag Davidian/ITP Images)
By  Roger Field Published  September 7, 2010

Nawras, Oman's second telecom operator, expects to raise between $470 million and $603 million (OMR182m - OMR234m) through its IPO of 40% of the company's shares on the Muscat Securities Market.

The company recently confirmed that the IPO will launch on September 15, with the offer remaining open until October 14. Nawras' shares are expected to be listed on the Muscat Securities Market on the October 27.

The majority of the shares - some 70% - will be open to individual Omani and non-Omani investors, who can apply for between 500 and 500,000 shares at an initial price of Bzs702 ($1.81) per share.

The remaining 30% of shares will be open to institutional and private investors applying for a minimum of 500,100 shares, up to a maximum of 26 million shares.

Nawras became Oman's second mobile operator in 2005 and has since gained a 45% share of the market.

The company also launched fixed services in the first half of 2010, and has already invested about OMR 100 million ($259.6 million) in its fixed network, and plans to invest a further OMR 50 million ($129.8 million) in the next two years.

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