Wateen Telecom to IPO in Pakistan April 20

Pakistan’s Wateen Telecom has announced an initial public offering (IPO) for the issue of 110 million ordinary shares at PKR10 (US$0.12) each. This represents 20.85 per cent of the enhanced paid up capital of the firm of PKR5.275 billion.

If the original issue is oversubscribed, a Greenshoe option exists for the additional issuance of up to 90 million ordinary shares at the same price.

The subscription list will open on April 20 at the commencement of banking hours and will close on April 21 at the close of banking hours.