Qatar Telecom Q.S.C. (“Qtel” or “The Qtel Group”) subsidiary Nawras has announced today that the final price for shares in its IPO, which was fully subscribed, will be Bzs 702 per share. Nawras’ shares will begin trading at Bzs 700 per share on the Muscat Securities Exchange on 3 November under the ticker ‘nwrs’. which will value the company at an initial market capitalisation of OMR 456 million.

Category I investors will receive 100% of the shares they applied for and Category II investors,   91.8%. Category I investors will receive a refund of Bzs 200 for each share applied for, which will be payable, to their bank accounts commencing on 31 October 2010.      
The IPO raised OMR 182 million for the selling shareholders making it, by value, the largest IPO in Oman since 2005 and the largest in the GCC since July 2009.  All selling shareholders, with the exception of Nawras Development LLC, retain a stake in Nawras, including TDC-Qtel MENA Investcom B.S.C., which is controlled by Qatar Telecom (Qtel) and the pension funds of the Diwan of the Royal Court, the Ministry of Defence, the Royal Office, the Internal Security Service and the Sultan’s Special Force. 
Following the IPO, 40% of the shares will be in free float with Qtel retaining 55 % of the company and 5% held by Omani pension funds.