Oman's Nawras, a subsidiary of Qatar Telecommunication (Qtel), may raise between $550 million and $600m in its long-awaited initial public offering, a source said yesterday.
Nawras, which broke the monopoly of state-controlled Omantel in 2006, agreed to float 40 per cent of its capital in February under the condition of its licence but the government granted the company an extension to September.
The company will offer 260m shares as it divests 40pc of its capital but no fresh equity is being issued to investors, the source said. Nawras has a capital base of 650m shares.
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