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Nawras IPO bids seen at 702 to 802 baisas – regulator

Nawras IPO bids seen at 702 to 802 baisas - regulator.

October 12, 2010 1:19 by

Oman telco Nawras, a subsidiary of Qatar Telecommunications , has drawn investor bids in the range of 702 and 802 baisas for its initial public offering, the market regulator said on Tuesday.

Nawras, which broke the monopoly of state-controlled Omantel  in 2006, is aiming to raise as much as $608 million in the IPO. It has put up 260 million shares priced between 702 to 902 baisas in the Gulf Arab state’s first IPO sale through a book building route.

As much as 70 percent of the offering is open to individual investors, while the remaining part of the issue will be open to institutional investors.

Final share price for the IPO will be determined on October 24 and the shares will be listed in the Muscat bourse on October 27. Book building for the IPO issue began on Sept. 15 and will run for a month.

(Reporting by Dinesh Nair, Editing by Amran Abocar)

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