The IPO is offered in two categories (retail and wholesale) and the original offer period of the IPO was Sept. 15 to Oct. 14. The offer is available to GCC individuals and juristic persons as well as non-GCC nationals. Customers interested in subscribing for shares should apply through BMI Bank’s main Manama branch until Oct. 21 by 12 noon. Individuals must present two IDs and a copy of their bank statement. Additional documents will be required from juristic persons and those subscribing on behalf of minors.

Subscribers must have an investor number with Muscat Clearing and Depository Co. (MCDC).

“Up to 70 percent of the subscription is valid for individual investors while the rest is for institutional investors. Nawras aims to raise $608 million, out of which bids for $9 million have already been received by retail investors, making it 5 percent of the total estimated IPO offering,” the bank said in a statement.

“I am pleased to offer our valued customers an opportunity to subscribe to the IPO of Nawras which is a leading provider of telecommunications services in Oman. This offering is in line with our promise to provide our customers with access to lucrative and successful business opportunities in the region,” BMI Bank’s Chief Executive Officer Jamal Al-Hazeem said while commenting on the Nawras IPO.

The one-week extension to the offering period has set the new pricing date for Oct. 31 followed by the new listing date on the Muscat bourse on Nov. 3.

Earlier, BMI Bank announced its preliminary financial results for the nine months ended Sept. 30 which reflect a loss after provisions of 10.6 million dinars for the quarter as compared to a profit of 939,000 dinars during the same period in 2009 and a net loss of 18.5 million dinars for the nine month period ended September as compared to a loss of 4.6 million dinars during the corresponding period in 2009.