The first day of Wataniya's initial public offering (IPO) yesterday met with optimism as analysts were bullish on the company's potential to raise more than US$50 million.
The Palestinian Territories' mobile phone operator is offering 38.7 million shares, priced at $1.30 a share, and will run the offer until December 2.
"This is extremely cheap and attractive," said Fadi al Said, a fund manager at ING who expressed interest in subscribing.
"People are eager to look at another new operator that has good potential for growth, because the first operator has been around for 10 years."
Wataniya is second to PALTEL, the Palestinian Territories' primary telecommunications operator that is dual-listed on the Abu Dhabi Securities Exchange and the Palestine Exchange. The territories had a mobile penetration rate of 49 per cent at the end of last year, one of the lowest in regional markets. Jordan's mobile rate stood at 101 per cent at the same time. High literacy rates and a young demographic also offer good opportunities for the company to grow.
The IPO represents 15 per cent of the company and, based on the offer price, its market capitalisation is forecast to reach $335.5m. The proceeds will be used to finance an expansion of Wataniya's network.
Wataniya, which already has an almost 20 per cent market share in the Palestinian Territories, said revenue rose to $11.3m in the third quarter from $9.1m in the second and $4m in the first quarter, when it began recording revenue.
It is 53 per cent owned by Qatar Telecom (Qtel) and 47 per cent by the Palestine Investment Fund (PIF), two strong strategic shareholders "with deep pockets", according to Ahmad Aweidah, the chief executive of the Palestine Securities Exchange.
"I doubt the IPO will fail … [telecoms] is a hot industry and there is good scope for Wataniya to grow," Mr Aweidah said.
The company will launch another 15 per cent tranche of shares in the next few years, reducing the stakes held by Qtel and PIF to 40 and 30 per cent respectively.
HSBC Bank Middle East is the sole global co-ordinator and book-runner. Arab Bank Group is the regional co-ordinator.
farah.halime@thenational.ae
Australia (15-1): Israel Folau; Dane Haylett-Petty, Reece Hodge, Kurtley Beale, Marika Koroibete; Bernard Foley, Will Genia; David Pocock, Michael Hooper (capt), Lukhan Tui; Adam Coleman, Izack Rodda; Sekope Kepu, Tatafu Polota-Nau, Tom Robertson.
Replacements: Tolu Latu, Allan Alaalatoa, Taniela Tupou, Rob Simmons, Pete Samu, Nick Phipps, Matt Toomua, Jack Maddocks.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
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Ireland (15-1):
Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy
Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour
Coach: Joe Schmidt (NZL)
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
