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Thu 28 Oct 2010 02:57 AM

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Oman's Nawras telco's IPO prices at bottom of range

Telco is aiming to raise as much as $608m, with 260m shares available during IPO

Oman's Nawras telco's IPO prices at bottom of range
BOTTOM RANGE: Omani telco Nawras will price its IPO at the bottom of its range

The initial public offering of Nawras, the Omani unit of Qatar Telecommunications (Qtel), will be priced at the bottom of its range, raising $473 million, according to a company statement.

The statement, which was issued on Wednesday, said: "The IPO raised ... 182 million rials ($472.6 million) for the selling shareholders making it, by value, the largest IPO in Oman since 2005."

The offer price would be 702 baisas per share, it said, adding that the company would have a market capitalisation of 456 million rials ($1.18 billion) at that price.

There are 1,000 baisas per rial.

Nawras, which said on Sunday the IPO was fully subscribed, had extended the period for the share sale by one week until Oct. 21, while its bourse listing is scheduled for Nov 3.

Nawras, which broke the monopoly of state controlled Omantel in 2006, was aiming to raise as much as $608 million and had put up 260 million shares priced between 702 to 902 baisas in the Gulf Arab state's first IPO sale through a book building process.

The statement said: "Following the IPO, 40 percent of the shares will be in free float with the Qtel subsidiary retaining 55 percent of the company and 5 percent held by the original Omani pension funds." (Reuters)