Wateen IPO 82 Percent Oversubscribed

The Initial Public Offering (IPO) of Wateen Telecom Limited offered on April 20 and 21, 2010 to institutions and general public closed with an overwhelming success.

It is 82 percent oversubscribed from all categories of investors, said a statement issued by Arif Habib Limited, Wateen’s arranger for IPO.

As per the data received from the bankers to the issue, total subscription received for Rs 2.006 billion as proceeds of over 200 million shares subscribed against the offered 110 million shares at a par value of Rs 10 (for Rs 1.1 billion). The additional green shoe option of 90 million shares (for Rs 900 million) is also fully subscribed; again at a par value of Rs 10 per share.

“Arif Habib Limited is proud to be the adviser and arranger of this IPO offering to Wateen and Abu Dhabi Group,” said Arif Habib Limited Chairman and CEO Samad Habib.

“We congratulate Wateen on the success of their capital raising issue, and would like to wish them continued success in further developing the telecommunication sector of Pakistan,” said Arif Habib Limited COO Bilal Moti.

Wateen is expected to be listed on all three stock exchanges – Karachi Stock Exchange, Lahore Stock Exchange and Islamabad Stock Exchange – on May 27, 2010.