Qatar's strength key to Vodafone IPO success - CEO
New telecom operator in Gulf state sees 82,000 individuals buy up 65% of company shares.
Vodafone Qatar’s initial public offering (IPO) for QR3.38bn ($930m) was subscribed by 82,000 Qatari individuals and some 273 institutional investors, it was reported on Monday.
Individual investors subscribed to 65 percent of the shares on offer while the remainder was notched up by institutional investors, Vodafone Qatar's CEO Grahame Maher said.
A significant number of the Qatari national population are now shareholders in Vodafone Qatar, he said in comments published by Gulf Times on Tuesday.
“We are now 77 percent Qatari owned,” Maher said, adding that the IPO had been a “phenomenal success”.
He said Vodafone Qatar’s offer was, at the time of the close of the subscription period, the largest IPO in the world in 2009.
And he added that such a response to the IPO would not have been possible in any other country at this time of economic uncertainties.
“Qatar has demonstrated again it is the leading global economy. Vodafone is very fortunate to be here.”