Omantel launches country’s largest-ever IPO

The government of Oman has launched the sale of a 30% stake (225 million shares) in Oman Telecommunications Company (Omantel), with bankers reporting a first-day rush of applications from small investors on Saturday. The sale represents the largest ever initial public offering (IPO) in the sultanate, and is expected to raise some USD748 million at the projected offer price of USD3.32 per share. Applications are restricted to Omani nationals, who will be allocated 21% of the shares, with a 5% limit for each individual investor; the remaining 9% is reserved for state pension funds and charities.