Nawras Seeks to Raise Up to $608 Million in Oman's First IPO in Two Years - Bloomberg

Nawras, the phone company controlled by Qatar Telecom QSC, is seeking to raise as much as $608 million in Oman’s first initial public offering in two years.

Nawras set a price range of 702 baisas to 902 baisas for a share and the book-building process for the sale starts Sept. 15 for a month, the Muscat-based company said in an e-mailed statement today. The sale will raise 182 million rials ($473 million) to 234 million rials, giving Nawras a market value of 456 million rials to 586 million rials, it said.

The company that competes with Oman Telecommunications Co., the largest phone operator in Oman, plans to sell 40 percent of its shares and will offer 260 million shares through the book- building process, it said Sept. 2. The IPO is the first in Oman this year and the seventh in Gulf Arab countries after six from Saudi Arabia, the biggest Arab economy.