Wateen Telecom Limited has planned to offer 110 million ordinary shares to the general public at a price of Rs 10 per share with a greenshoe option of 90 million shares, reported business recorder today.
In this regard, Wateen has applied for listing at Karachi Stock Exchange (KSE). Arif Habib Limited has been mandated to act as Financial Advisor and Arranger for the proposed Initial Public Offering (IPO) of Rs 2,000 million of the ordinary shares of Wateen Telecom Limited, further said the paper.
First announced in October 2009, Wateen will use the funds to meet company’s financial obligation. WiMAX provider has faced tough cash in hand situations, recently. Company has tried various options including aggressive service offerings and sell out.
Quoting the sources, Business recorder has claimed that Arif Habib, being advisor and arranger of the proposed IPO, has formally contacted with the underwriters.
It has written a letter to some 50 institutions inviting them to participate in the underwriting consortium being arranged for the IPO. The Arif Habib has sent detailed Information Memorandum on the Company and the Transaction to the underwriters seeking their firm commitment to participate in the underwriting consortium.