An initial public offering (IPO) by Wataniya, a mobile telecommunications operator in the Palestinian Territories, is forecast to be oversubscribed as the roadshow moves into its last week.
"We are going to be comfortably over the US$50 million mark," said Michael Bevan, the head of MENA equity capital markets at HSBC, the sole bookrunner for the offer.
"It's going well. [There has been] good local demand and we are now converting orders from international funds in the UK, US and Dubai."
Mr Bevan, speaking from the roadshow in London, would not comment on how much has been raised.
Wataniya, 53 per cent owned by Qatar Telecom (Qtel) and 47 per cent by the Palestine Investment Fund (PIF), is offering 38.7 million shares, priced at $1.30 a share. The offer will run until next Thursday.
The IPO represents 15 per cent of the company and, based on the offer price, its market capitalisation is forecast to reach $335.5m.
"I'm almost definite it will be oversubscribed," said Ahmad Aweidah, the chief executive of the Palestine Securities Exchange. "The indicators are very good, bearing in mind the highest activity usually happens in the last week of listing."
With another week to go before the offer closes, the IPO may offer a further fillip to Wataniya, which already has an almost 20 per cent mobile market share in the Palestinian Territories.
The proceeds will be used to fund Wataniya's network expansion.
It is second only to PALTEL, the Palestinian Territories's primary telecoms operator dual-listed on the Abu Dhabi Securities Exchange and the Palestinian exchange.
The potential for mobile penetration is high. The Palestinian Territories had a mobile penetration rate of 49 per cent at the end of last year, one of the lowest in the Middle East. Coupled with high literacy rates and a young population, there are good opportunities for growth.
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.
fhalime@thenational.ae
Company%20profile
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
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Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Results
2pm: Handicap (PA) Dh80,000 1,600m; Winner: AF Al Baher, Bernardo Pinheiro (jockey), Ernst Oertel (trainer).
2.30pm: Handicap (TB) Dh100,000 1,600m; Winner: Talento Puma, Xavier Ziani, Salem bin Ghadayer.
3pm: Handicap (TB) Dh90,000 1,950m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
3.30pm: Jebel Ali Stakes Listed (TB) Dh500,000 1,950m; Winner: Mark Of Approval, Patrick Cosgrave, Mahmood Hussain.
4pm: Conditions (TB) Dh125,000 1,400m; Winner: Dead-heat Raakez, Jim Crowley, Nicholas Bachalard/Attribution, Xavier Ziani, Salem bin Ghadayer.
4.30pm: Jebel Ali Sprint (TB) Dh500,000 1,000m; Winner: AlKaraama, Antonio Fresu, Musabah Al Muhairi.
5pm: Handicap (TB) Dh100,000 1,200m; Winner: Wafy, Richard Mullen, Satish Seemar.
5.30pm: Handicap (TB) Dh90,000 1,400m; Winner: Cachao, Tadhg O’Shea, Satish Seemar.
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Company%20Profile
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Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
UK%20record%20temperature
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Maestro
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EBradley%20Cooper%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EBradley%20Cooper%2C%20Carey%20Mulligan%2C%20Maya%20Hawke%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Company%20Profile
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COMPANY%20PROFILE%20
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MATCH INFO
Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')
Fulham 0
Red cards: Tim Ream (Fulham)
Man of the Match: Gabriel Jesus (Manchester City)
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Off-roading in the UAE: How to checklist
SPECS
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