Wateen Telecom’s IPO oversubscribed in Pakistan

Wateen Telecom, the Abu Dhabi Group’s subsidiary in Pakistan, has announced its initial public offering (IPO) was oversubscribed. The operator offered 110 million shares on April 20 and 21 at a value of PKR 10 (US$0.12) each, with the added Greenshoe option for a further 90 million shares.

The company’s IPO was the largest undertaken in Pakistan in recent years and performed well above expectations.

Wateen provides fixed and wireless services through its 10,000 kilometres of optic-fiber and international gateways. It has the largest deployment of WiMAX broadband in Pakistan, covering 22 cities with a subscriber base of 160,000.