Oman telco Nawras, a subsidiary of Qatar Telecommunications QTEL.QA, extended the offer period for its initial public offering (IPO) by one week after retail portion of the offer was only covered by 5 percent, two sources familiar with the matter said on Tuesday.
Nawras, which broke the monopoly of state-controlled Omantel OTL.OM in 2006, is aiming to raise as much as $608 million and has put up 260 million shares priced between 702 to 902 baisas in the Gulf Arab state's first IPO sale through a book building route. [ID:nLDE686015]
The company has so far received bids of 9 million shares from retail investors, while the institutional part of the offering has been oversubscribed with an indication of around 320 million shares being bid by investors, sources said.
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