When Omani Qatari Telecommunications Company, more simply known as Nawras, launched five years ago it knew it was going up against a 20-year incumbent. But, as is often the case when monopolies fall, the second operator quickly proved a popular choice for Omanis.
After just 100 days, Nawras had a 10 per cent market share of subscriptions, and the operator posted a net profit after 30 months, it says. By the end of June this year, Nawras, a subsidiary of Qatar Telecom, boasted a 45 per cent share of subscriptions in the Omani mobile market, or about 1.97m customers.
The operator is now trying to raise between OR182.3m ($471.5m) and OR234.3m through an initial public offering – the first in Oman since 2008 and the largest since 2005.
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