(MENAFN - The Peninsula) Qtel has announced yesterday its intention to undertake an Initial Public Offering (IPO) of 15 per cent of its authorised share capital to group member Wataniya Palestine Mobile Telecommunications Public Shareholding Company, the second licensed mobile telecommunications company in Palestine.
Wataniya Mobile has appointed HSBC Bank Middle East Limited as sole global coordinator and sole bookrunner and Arab Bank Group as regional coordinator for the offering. Wataniya Mobile is a subsidiary of Wataniya Telecom which is 52.5 percent owned by Qtel. Wataniya Mobile is also part owned by the Palestine Investment Fund .
Launched in November 2009, Wataniya Mobile is the second mobile telecommunications company to have been licensed in Palestine.
Its fast growing mobile customer base has grown to over 302,000 subscribers as of 30 September 2010. Wataniya Mobile aims to bring the latest mobile technologies and highest quality service to both individual and commercial customers in Palestine.
Officials said the offer period is from November 7 until December 2, 2010 with 38.7 million new shares " no sell down by existing shareholders at the time of the IPO fixed offer price of 1.30 per share. The IPO to be raised is 50.3m and indicative market capitalisation of 335.4m.
Retail investors in Palestine are to subscribe at branches of HSBC, Arab Bank, Bank of Palestine, Palestine Commercial Bank, Palestine Islamic Bank, Qatar National Bank and Quds Bank. In Qatar, Qatar National Bank is a receiving bank for Qatari wholesale investors only.