Vodafone Qatar to reschedule IPO
Market conditions force Vodafone Qatar to submit new dates for its Initial Public Offering
It has been revealed that Vodafone Qatar has been forced to submit new dates for its Initial Public Offering (IPO) to the Qatar Financial Markets Authority (QFMA) due to changes in market conditions.
An official from the company told Qatar daily The Peninsula that several dates were presented to the QFMA but because of the market conditions at the time, the QFMA “did not did not approve the proposed dates and requested Vodafone Qatar propose a revised timetable."
Vodafone Qatar had plans to sell a 40% stake in the company through the IPO this month. The decision complicates Vodafone’s entry in Qatar as, according to the terms of licence issued by ictQATAR, the company must go in for an IPO by November 30.
If dates are not met, ictQATAR could take the matter in their own hands to set their own deadline for the IPO.
The QFMA is the last word in Qatar when it comes to financial matters and the stock exchange, with the power to deem whether an IPO should be allowed or not.