Wateens IPO oversubscribed
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LAHORE (PR) - The Initial Public Offering (IPO) of Wateen Telecom Limited (WTL) has been oversubscribed as it received an overwhelming response from institutional investors as well as from the general public, company spokesman said here.
Wateen, Abu Dhabi Groups second telecom venture in Pakistan, had offered 110 million shares under the IPO while 90m additional shares were offered as a Greenshoe option.
Subscription for the general public was opened on April 20 and 21, 2010 and Wateens shares were offered at a par value of Rs 10. Wateens IPO was the largest public issue by any company during the past few years and performed extraordinarily beyond market expectations in an otherwise jittery capital market.