Securities & Exchange Commission of Pakistan (SECP) has approved initial Public Offering (IPO) of Wateen Telecom Limited and fixed April 13, 14 and 15 as dates for subscription of Wateen shares. The IPO is the largest one through which the company will get Rs 2 billion from the country’s stock market thus expanding its paid up capital which has been approved by its sponsor directors.
Wateen Telecom Limited after getting itself listed at the KSE, would be offering its 110 million shares to raise capital by Rs 1.1 billion with a green shoe option of 90 million shares at the face value of Rs 10 per share through an IPO to general public and institutional investors. The company’s sponsor, Abu Dhabi Group, which is the largest foreign investor in Pakistan, has already approved this strategic decision. Company has posted a profit after tax of Rs 1.018 million by the end of fiscal year 2008-2009, which translates into an earning per share of Rs 4.88. staff report