Nawras shares rise five per cent on first day of trading

On November 1, Oman telco Nawras witnessed the first day of the trading of its shares on the Muscat Securities Market (MSM), following the completion of its IPO, which raised a total of OMR 182 million (US$472 million). Based on the listing price of Bzs 702 the initial market capitalisation of Nawras was OMR 456 million. At the end of the first day of trading shares closed at Bzs 740 per share, following 8.4 million shares traded, increasing the company’s market capitalisation to OMR 480.6 million.

Late last week Nawras announced the offer price for shares would be set at Bzs 702 per share, which represents the low-end of the Bzs 702 – Bzs 902 guidance detailed in its prospectus.

Following the IPO, 40 per cent of the shares will be in free float, with the Qtel subsidiary retaining 55 per cent of the company, and five per cent held by the original Omani pension funds.