Investcom launches Dubai IPO

26 Sep 2005

Beirut-based mobile holding company Investcom launched its initial public offering (IPO) on the Dubai Stock Exchange on Saturday, pricing 59.9 million global depositary shares – equal to 22.6% of the company – at between USD10.35 and USD12.35 a share, valuing the stake at up to USD740 million. A further 15% stake will be offered if demand is strong and Investcom says a flotation on the London Stock Exchange will follow, ‘subject to market conditions’. Investcom oversees mobile operations in Benin, Cyprus, Ghana, Guinea-Bissau, Liberia, Sudan, Syria and Yemen, which between them boast around 2.5 million subscribers. Its net profit for the first half of 2005 increased to USD90.1 million, up from USD73.7 million in the corresponding period of 2004.