Wataniya Palestine plans $50.3mn IPO

Operator is to make 38.7 mn shares available to the public from November 7 to December 2

Tags: IPOMobile penetrationUnited Arab EmiratesWataniya Palestine Mobile Telecommunications Company
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Wataniya Palestine plans $50.3mn IPO Wataniya Palestine is to offer a 15% stake in IPO (Getty Images)
By  Nithyasree Trivikram Published  November 3, 2010

Wataniya Palestine, a subsidiary of Qtel, plans to raise $50.3 million through an initial public offering (IPO), in which it is to sell off a 15% stake. The operator is to make 38.7 million shares available to the public during the period from November 7 to December 2, with a set pricing of $1.3 per share.

Bassam Hannoun, CEO of Wataniya Palestine, said: "There is still a lot of potential for growth in our home market... That's why we have chosen to sell shares now." He added that by offering Wataniya Palestine's shares to the public, the operator provides investors with the chance to actively participate in the telco's future development.

Launched in November 2009 as Palestine's second mobile operator, Wataniya Palestine has grown to over 302,000 subscribers as of September 30, 2010, and currently covers 95% of the Palestinian population in the West Bank.

Despite a rapid increase in mobile penetration rates, Palestine's mobile penetration remained low at only 49% at the end of 2009, for a population that stood at 3.9 million during the same period.

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