Vodafone Qatar Q.S.C. (“Vodafone Qatar”) announced Sunday that its Initial Public Offering (“IPO”) that took place from 12 to 26 April was a phenomenal success. Raising $1 billion, Vodafone Qatar’s IPO was at the time of the close of the subscription period, the largest IPO in the world in 2009. For comparison, globally there have been 11 IPOs of more than USD 50 mill per offering in 2009 that raised $2.1 billion in total. Vodafone’s IPO in Qatar raised around $1 bill or almost half of all of these other IPO’s put together.
“The result is amazing!” said Grahame Maher, CEO Vodafone Qatar “In any other country in the world this would not be possible. Qatar has demonstrated again that it is the leading Global economy with this very strong and successful result. Vodafone is very fortunate to be here and I want to reinforce my sincere gratitude to Her Highness Sheikha Mozah Bint Nasser Al Missned of Qatar Foundation, ictQATAR and the Government of Qatar and for their support and trust”.
82,000 Qatari national individuals subscribed for 65% of the Shares and 35 % of the Shares were taken up by 273 institutional investors, resulting in a 100% subscribed IPO. A significant number of the Qatari national population are now shareholders in Vodafone Qatar and Vodafone Qatar is now 77% Qatari owned. Vodafone Qatar’s shareholders will play a significant part in helping Vodafone “make a world of difference for the people in Qatar”.
"We welcome our first Shareholders to the exciting world of Vodafone with our “1st Shareholders” promotion to show our appreciation. During May, 1st Shareholders will receive a PIN number that will allow them to go online to Vodafone’s website and choose their numbers. The entire range of Vodafone numbers that start with “7” including “Star Numbers” will be available.
Randomly generated numbers will be free of charge. 1st Shareholders who want to select their own number will be charged a reservation fee starting from QR 500. All number reservation fees will be at a fixed fee and a valid credit card is required.” said Michael Portz, Chief Marketing Officer, Vodafone Qatar Vodafone is the first competitor to the incumbent provider in Qatar. By subscribing to Vodafone’s IPO, Qatar’s people and institutions have demonstrated their support for this change. There were many offers from Qatari institutions for above the Maximum Institution Subscription Caps amount that Vodafone Qatar was unable to accept due to the structure outlined in the IPO prospectus. This indicates there could be strong early demand once Vodafone Qatar is listed on the Doha Securities Market - which we expect to happen before the end of July.“
Allocation of shares will be finalised on or before 10 May 2009. Shareholders will be advised of their subscriptions by SMS and mail. Further details will be available at the Constituent General Assembly Meeting on 26 May.
© 2009 Mena Report (www.menareport.com)
