24 Apr 2008
Vodafone Qatar, the country’s second mobile network operating licensee, has announced that it intends to appoint HSBC Middle East and Qatar National Bank to lead manage its upcoming initial public offering (IPO). The start-up joint venture, currently 51% owned by the UK’s Vodafone Group, with the rest held by the Qatar Foundation, must sell a 40% stake to the public by 30 June under the conditions of its concession it won in December. Following the IPO Vodafone will hold 45% of the Qatari unit’s share capital, with 40% in public hands and the remaining 15% held by Qatar government institutions. In a statement, the new cellco added that it had yet to receive regulatory approvals for its plans.