Vodafone Qatar will be 77% held by Qataris upon completion of IPO

Vodafone Qatar today announced the initial public offering of 40 per cent of the company’s authorised share capital and subsequent listing on the Doha Securities Market.

The Vodafone Qatar IPO subscription period will open on April 12, 2009 and will close on April 26 subject to final regulatory approvals. A full prospectus will be available from the 12 selected receiving banks from April 12, providing full details of the IPO and the company.

Vodafone Qatar CEO, Grahame Maher says much still needs to be done ahead of commercial launch in Qatar

Vodafone Qatar turned on its mobile network on March 1, and its first 1,000 customers have been asked to help test and build the mobile network. Vodafone Qatar will make announcements on its products and services in due course, with a full commercial launch only expected to occur towards the end of the year.

An IPO open night will be hosted on March 17 by Vodafone Qatar chairman Sheikh Abdulrahman Bin Saoud Al Thani; Vodafone Qatar CEO, Grahame Maher; and Qatar Foundation vice president Rashid Al Naimi.

HSBC Bank Middle East and Qatar National Bank are acting as joint financial advisers, joint lead managers, and joint lead receiving banks.

Speaking to Comm. last year, Maher quipped that upon completion of the IPO, Vodafone Qatar would be more of a Qatari company than Qtel. Vodafone’s equity participation in the consortium is set to be reduced to 23 per cent following the IPO, while the Qatar Foundation will hold a 22 per cent stake, government institutions 15 per cent; and 40 per cent will be offered to Qatari nationals.

“We are going to be a minority shareholder with management control, and this arrangement was necessary in order for us to achieve our first step in the Gulf,” Maher told Comm. last year. “This is the next level of Vodafone’s partnership model, which offers us management control and the ability to brand the operation.”