Company is offering 38.7 million shares at $1.3 per share, equivalent to 15 percent of its shares
operator Wataniya Palestine launched an initial public offering
(IPO) on Sunday to raise $50m for financing an expansion
of its network, the firm's chief executive said.
The company, part owned by Qatar Telecommunications Co
, is offering 38.7 million shares at $1.3 per share,
equivalent to 15 percent of its shares.
Subscription closes on December 2.
"The IPO constitutes a huge and important step in the
history of the company which reflects its commitments towards
subscribers," CEO Bassam Hannoun said in a statement.
Last week, Wataniya said revenue rose to $11.3m in
the third quarter from $9.1m in the second quarter and $4m in the first quarter, when it began recording revenue.
The firm began functioning as the second mobile operator in
the Palestinian Territories a year ago after entering the market
as a competitor to Jawwal, owned by The Palestine
Telecommunications Co (Paltel).
The 38.7 million shares to be floated will be traded on the
Nablus-based Palestine Exchange within 30 days after the IPO
closes on December 2.
Wataniya will join 40 companies listed on the bourse, which
have a combined market capitalisation of around $2.5bn.
Another 15 percent tranche will be offered to the public
within four years, sources familiar with the matter said.
Wataniya Palestine is 53 percent owned by Qatar
Telecommunications and 47 percent by the Palestine Investment
Fund (PIF), which is owned by the Palestinian Authority.
Those stakes are set to drop to 40 percent and 30 percent
respectively after 30 percent is sold to the public.
HSBC Middle East Ltd will be global coordinator and
bookrunner for the IPO, while the Arab Bank Group will
be the regional coordinator and underwriter.