08 September 2010
MUSCAT -- Nawras yesterday announced that the share price range for its upcoming IPO of 40 per cent of the company's shares will be set at 702 to 902 baisas which includes an issue expense of 2 baisas per share.
The share price range implies an initial market capitalisation of between RO 456 million and RO 586 million making Nawras a top five company by value.
Category I investors will initially subscribe at the top of the price range at 902 baisas. Any refunds will depend on the final pricing and the final allocation of shares to investors.
The IPO will open for subscription on September 15 and close on October 14. Seventy per cent of the offering is open to Category 1 investors subscribing at a price of 902 baisas per share and 30 per cent is open to Category 2 investors that will participate in the bookbuilding process.
Category 1 investors can apply for a minimum of 500 shares in multiples of 100 up to a maximum of 500,000 shares and Category 2 investors can apply for a minimum of 500,100 shares up to a maximum of 26,037,700 shares, or 10 per cent of the offer.
The final share price will be determined on the basis of the bookbuilding process and is expected to be announced on the October 24.
All investors will be allotted shares at the final share price which may be lower than the subscription price for Category 1 investors.
Nawras shares are expected to be listed on the Muscat Securities Market on the October 27.
The IPO, which is expected to raise between RO 182 million and RO 234 million for the selling shareholders, will be the first IPO in Oman since July 2008.
BankMuscat SAOG is the Sole Issue Manager to the IPO. Morgan Stanley and BankMuscat SAOG are the Joint Bookrunners.
Commenting on the announcement of the price range, Ross Cormack, Chief Executive Officer of Nawras, said: "As we move closer to the launch of our IPO, we are very pleased today to be announcing the price range for investors.
This is a very exciting year for Nawras as we continue to get closer to our growing number of customers in Oman."
"Our customers are already enjoying a whole range of new, pleasingly different services and, from this summer, our recently launched fixed and broadband services.
The IPO is a unique opportunity for our customers and the wider investor community to get even closer to Nawras."
"We're delighted at the level of interest and excitement that the IPO is generating here in Oman and elsewhere in the Gulf, and we are looking forward to welcoming new investors, retail and institutional alike, to the Nawras family," he said.
How to participate
Investors who would like to participate in the Nawras IPO should collect a prospectus and application form from a branch of Bank Muscat, National Bank of Oman, Oman Arab Bank or AhliBank, or download a copy from the CMA website.
Investors should carefully review the prospectus and submit the application form together with 100 per cent of the subscription money by cheque, demand draft, or account transfer.
Category 1 investors wishing to subscribe to between 500 and 500,000 shares should submit their completed application form and subscription money to a branch of Bank Muscat, National Bank of Oman, AhliBank or Oman Arab Bank before the close of official working hours on October 14, 2010.
Investors who wish to subscribe to more than 500,000 shares can only do so through the joint bookrunners, Bank Muscat and Morgan Stanley.
Subscriptions and allocation
There are two categories of investors who may apply. Category 1 investors are Omani and non-Omani investors who may apply for a minimum of 500 shares and in multiples of 100 shares thereafter up to a maximum of 500,000 shares.
Category 2 investors are institutions and individual investors who may apply for a minimum of 500,100 shares and in multiples of 100 shares thereafter up to a maximum of 26,037,700 shares or 10 per cent of the Offer.
Category 1 investors are invited to subscribe for Shares at the price of Bzs 902 per share.
The final price will be determined by the outcome of the bookbuilding process undertaken with Category II investors.
All Investors will be allotted shares at the same price which may be lower than the subscription price for Category 1 investors.
If the price is lower than the top of the price range, a refund will be paid to investors, calculated on the difference between the amount they have paid and the final price.
This will be determined at the end of the offer and the appropriate refund will be made to investors by the bank where they subscribed.
In the event of oversubscription, shares will be allocated on a proportional basis.
MUSCAT -- Nawras yesterday announced that the share price range for its upcoming IPO of 40 per cent of the company's shares will be set at 702 to 902 baisas which includes an issue expense of 2 baisas per share.
The share price range implies an initial market capitalisation of between RO 456 million and RO 586 million making Nawras a top five company by value.
Category I investors will initially subscribe at the top of the price range at 902 baisas. Any refunds will depend on the final pricing and the final allocation of shares to investors.
The IPO will open for subscription on September 15 and close on October 14. Seventy per cent of the offering is open to Category 1 investors subscribing at a price of 902 baisas per share and 30 per cent is open to Category 2 investors that will participate in the bookbuilding process.
Category 1 investors can apply for a minimum of 500 shares in multiples of 100 up to a maximum of 500,000 shares and Category 2 investors can apply for a minimum of 500,100 shares up to a maximum of 26,037,700 shares, or 10 per cent of the offer.
The final share price will be determined on the basis of the bookbuilding process and is expected to be announced on the October 24.
All investors will be allotted shares at the final share price which may be lower than the subscription price for Category 1 investors.
Nawras shares are expected to be listed on the Muscat Securities Market on the October 27.
The IPO, which is expected to raise between RO 182 million and RO 234 million for the selling shareholders, will be the first IPO in Oman since July 2008.
BankMuscat SAOG is the Sole Issue Manager to the IPO. Morgan Stanley and BankMuscat SAOG are the Joint Bookrunners.
Commenting on the announcement of the price range, Ross Cormack, Chief Executive Officer of Nawras, said: "As we move closer to the launch of our IPO, we are very pleased today to be announcing the price range for investors.
This is a very exciting year for Nawras as we continue to get closer to our growing number of customers in Oman."
"Our customers are already enjoying a whole range of new, pleasingly different services and, from this summer, our recently launched fixed and broadband services.
The IPO is a unique opportunity for our customers and the wider investor community to get even closer to Nawras."
"We're delighted at the level of interest and excitement that the IPO is generating here in Oman and elsewhere in the Gulf, and we are looking forward to welcoming new investors, retail and institutional alike, to the Nawras family," he said.
How to participate
Investors who would like to participate in the Nawras IPO should collect a prospectus and application form from a branch of Bank Muscat, National Bank of Oman, Oman Arab Bank or AhliBank, or download a copy from the CMA website.
Investors should carefully review the prospectus and submit the application form together with 100 per cent of the subscription money by cheque, demand draft, or account transfer.
Category 1 investors wishing to subscribe to between 500 and 500,000 shares should submit their completed application form and subscription money to a branch of Bank Muscat, National Bank of Oman, AhliBank or Oman Arab Bank before the close of official working hours on October 14, 2010.
Investors who wish to subscribe to more than 500,000 shares can only do so through the joint bookrunners, Bank Muscat and Morgan Stanley.
Subscriptions and allocation
There are two categories of investors who may apply. Category 1 investors are Omani and non-Omani investors who may apply for a minimum of 500 shares and in multiples of 100 shares thereafter up to a maximum of 500,000 shares.
Category 2 investors are institutions and individual investors who may apply for a minimum of 500,100 shares and in multiples of 100 shares thereafter up to a maximum of 26,037,700 shares or 10 per cent of the Offer.
Category 1 investors are invited to subscribe for Shares at the price of Bzs 902 per share.
The final price will be determined by the outcome of the bookbuilding process undertaken with Category II investors.
All Investors will be allotted shares at the same price which may be lower than the subscription price for Category 1 investors.
If the price is lower than the top of the price range, a refund will be paid to investors, calculated on the difference between the amount they have paid and the final price.
This will be determined at the end of the offer and the appropriate refund will be made to investors by the bank where they subscribed.
In the event of oversubscription, shares will be allocated on a proportional basis.
By Staff Reporter
© Oman Daily Observer 2010
