Wataniya Palestine IPO 1.5 times oversubscribed

Wataniya Palestine Mobile Telecommunications, the second Palestinian mobile phone operator, today announced the final levels of subscription for its initial public offering.

The offer, which raised US$50.3 million, was the largest in Palestine for 10 years and generated total demand of US$78 million – over 1.5 times subscribed. There was strong demand from investors – both from retail investors in Palestine and from a broad base of international institutional investors, predominantly from Europe and the Middle East, with around 13,850 applying for shares.

In accordance with the relevant provisions of the Palestinian Companies Law and the Palestine Capital Market Authority’s (PCMA) requirement to protect retail investors, the first 300 shares of all subscribers will be allocated in full. Any subscription above this amount will be allocated to investors on a pro-rata basis.