Oman’s second largest telco, Nawras, has opened its IPO for subscription.
The IPO of 40% of Nawras’ total share capital is open to Omani and non-Omani individuals and institutional investors and will close on October 14. Nawras will list on the Muscat…
Oman’s second largest telco, Nawras, has opened its IPO for subscription.
The IPO of 40% of Nawras’ total share capital is open to Omani and non-Omani individuals and institutional investors and will close on October 14. Nawras will list on the Muscat Securities Market on October 27 under the ticker ‘NWRS’.
CEO Ross Cormack said: “Our focus on improving communication in Oman for the past five years has seen us successfully grow our business through offering our customers pleasingly different mobile, fixed line and broadband services. Now is the right time for us to welcome new investors to participate in this true Omani success story.”
The IPO is expected to raise between OR182m and OR234m (US$470m to US$604m) and is the first listing in Oman since July 2008.
Prospectus is available from Bank Muscat, National Bank of Oman, Oman Arab Bank or Ahli Bank.
Morgan Stanley, Bank Muscat and QNB have been appointed as joint lead managers for the IPO, Bank Muscat as the sole issue manager. Morgan Stanley and Bank Muscat have also been appointed as the joint bookrunners on the transaction.
