A strong appetite for the telecommunications sector continues to prevail as Wataniya Palestine's initial public offering (IPO) was at least 1.5 times oversubscribed.
The success has lifted sentiment in the Palestinian Territories, and Ahmad Aweidah, the chief executive of the Palestine Exchange, revealed there would be an IPO of the Palestine Insurance Company next month.
The Palestinian Territories's second mobile operator behind PALTEL raised more than US$75 million, far more than the $50.3m initially offered for the company. That was based on a fixed price of $1.30 per share.
Telecoms IPOs have been a bright spot in the Middle East, with Axiom Telecom also expected to list this week.
Demand for Wataniya came from retail investors in the Palestinian Territories and international institutional investors based mostly in Europe and the Middle East. The IPO will add about 14 per cent to the company's total market capitalisation, bringing it to about $335.4m.
Wataniya joins 40 companies traded on the Palestinian exchange that have a combined market capitalisation of about $2.5 billion.
"I've been blown away," said Michael Bevan, the head of MENA equity capital markets at HSBC, the sole book-runner for the offer.
"Telecoms is a good sector for difficult times because people always want to use their mobile," he said, adding that buyers of the stock were drawn in by a young company that has growth potential.
The operator launched in November last year and has captured 20 per cent of the mobile market share.
It has the backing of Qatar Telecom, which owns 53 per cent of the company, and the Palestinian Investment Fund, which owns 47 per cent, and is expected to list on the Palestine Exchange next month.
Wataniya received bids for 58.05 million new shares compared with the 38.7 million on offer. The shares represent a 15 per cent free-float of the company.
It was required to list at least 30 per cent of its shares by the local regulator. The next 15 per cent tranche of shares is expected to be offered within the next few years, though Mr Bevan said he did not expect that to be "any time soon".
fhalime@thenational.ae
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
THREE
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Results
6.30pm: Madjani Stakes Group 2 (PA) Dh97,500 (Dirt) 1,900m, Winner: RB Frynchh Dude, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
7.05pm: Maiden (TB) Dh82,500 (D) 1,400m, Winner: Mnasek, Dane O’Neill, Doug Watson.
7.40pm: Maiden (TB) Dh82,500 (D) 1,600m, Winner: Grand Dubai, Sandro Paiva, Ali Rashid Al Raihe.
8.15pm: Handicap (TB) Dh87,500 (D) 2,200m, Winner: Meqdam, Sam Hitchcock, Doug Watson.
8.50pm: Dubai Creek Mile Listed (TB) Dh132,500 (D) 1,600m, Winner: Thegreatcollection, Pat Cosgrave, Doug Watson.
9.25pm: Conditions (TB) Dh120,000 (D) 1,900m, Winner: Sanad Libya, Richard Mullen, Satish Seemar.
10pm: Handicap (TB) Dh92,500 (D) 1,400m, Winner: Madkhal, Adrie de Vries, Fawzi Nass.
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
More from Aya Iskandarani
UAE currency: the story behind the money in your pockets
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Results
5.30pm: Maiden (TB) Dh82,500 (Dirt) 1,600m, Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
6.05pm: Maiden (TB) Dh82,500 (Turf) 1,400m, Winner: Mayehaab, Adrie de Vries, Fawzi Nass
6.40pm: Handicap (TB) Dh85,000 (D) 1,600m, Winner: Monoski, Mickael Barzalona, Salem bin Ghadayer
7.15pm: Handicap (TB) Dh102,500 (T) 1,800m, Winner: Eastern World, Royston Ffrench, Charlie Appleby
7.50pm: Handicap (TB) Dh92,500 (D) 1,200m, Winner: Madkal, Adrie de Vries, Fawzi Nass
8.25pm: Handicap (TB) Dh92,500 (T) 1,200m, Winner: Taneen, Dane O’Neill, Musabah Al Muhairi
Killing of Qassem Suleimani
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Trippier bio
Date of birth September 19, 1990
Place of birth Bury, United Kingdom
Age 26
Height 1.74 metres
Nationality England
Position Right-back
Foot Right
