16 Mar 2009
Vodafone Qatar, holder of Qatar’s second mobile network operating licence, has announced that 40% of its company shares will be listed on the Doha Securities Market, following an initial public offering (IPO) that will be launched on 12 April and will close on 26 April. The IPO is expected to raise USD929 million. Vodafone Qatar Chairman Sheikh Abdulrahman Bin Saoud Al Thani said, ‘This is a significant IPO as it will become one of the largest IPOs in Qatar. Furthermore it marks the next step in the deregulation of the telecommunications sector in Qatar, by bringing competition to the market.’ HSBC Bank Middle East and Qatar National Bank will represent the network as financial advisors and lead receiving banks, with twelve other local lenders also acting as receiving banks. An open day will be held on 17 March giving potential investors an opportunity to learn more about the IPO.
As reported by CommsUpdate last week, Vodafone Qatar has switched on its network, connecting the first 100 customers. The network is expected to begin full commercial service in either July or August. Vodafone will compete with sole existing operator Qatar Telecom.