Nawras IPO extended by one week

Nawras, Oman’s communications provider, has extended its public issue period by one week to ensure all investors have sufficient time to complete and submit their applications

Nawras had consulted with the market regulator CMA for an extension to the offering period and it has granted a one week extension. The the new closing date of the offering will be October 21, said a statement.
The subscription process remains the same for all investors, as stated in the Nawras prospectus, the statement added
 
“Following the completion of the majority of the institutional investor meetings in Oman, the GCC and Europe, the Nawras IPO has received a very positive response with indications of significant demand from both Omani as well as international investors,” the statement said.

Nawras is aiming to raise up to $608m and has put up 260 m shares priced between 702 and 902 baisas in Oman’s first IPO sale through a book building route.

The company has so far received bids of 9 m shares from retail investors, while the institutional part of the offering has been oversubscribed with an indication of around 320 million shares being bid by investors, sources said.

As much as 70 percent of the offering is open to individual investors, while the rest is for institutional investors.

The IPO has drawn investor bids in the range of 702 and 802 baisas for its initial public offering, Oman's market regulator said in a statement to the bourse earlier in the day.

The company also extended the final price confirmation for the offering to October 31 from the earlier date of October 24.

The shares will be listed in the Muscat bourse on November 3 instead of October 27 as announced earlier. Book building for the IPO issue began on Sept. 15 and was supposed to run for a month.

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