Wataniya Mobile IPO over-subscribed
Palestinian mobile operator Wataniya reports succesful closure of IPO, offer one and a half times oversubscribed
Wataniya Mobile, Palestine's second mobile operator, has announced the successful closing of its IPO.
The IPO, which offered 38.7 million new shares, or 15% of the company's authorised share capital, was over one and a half times oversubscribed, and raised $75 million. The funds raised will be used for general business and operational purposes, and to assist the funding of the balance of fees payable under the Company's operating licence.
The operator said it expects to make a formal announcement on subscription levels and final allocations once the subscription has been audited, with final allocations announced in mid-December.
Demand for the shares, which were offered at a fixed price of $1.30, mainly came from Palestinian retail investors, and a broad base of international institutional investors in Europe and the Middle East.
Dr Mohammad Mustafa, chairman of Wataniya Mobile, commented: "Today's announcement is a significant moment in Wataniya Mobile's history. The fantastic support, which we have seen from Palestinian investors and from Arab and international investors, provide us with a firm foundation for our future as a listed company."
"The IPO saw high levels of demand in Palestine and beyond, which has resulted in the offer being oversubscribed. The level of interest from investors is an endorsement of the growth opportunity Wataniya Mobile represents. We are particularly proud that so many Palestinians have chosen to share in our future success," added Dr Bassam Hannoun, chief executive officer of Wataniya Mobile.