JEDDAH, 9 October 2005 — Investcom, an international mobile telecommunications operator, has finalized its initial public offering (IPO) price per global depositary share (GDS). The offering is priced at $12. 35 per GDS, with each GDS representing five ordinary shares of Investcom, an official company statement said yesterday.
The company and selling shareholders are offering 59.99 global depositary shares being listed on the London Stock Exchange (LSE) and the Dubai International Financial Exchange.
The offering represents 22.6 percent of Investcom’s outstanding share capital at IPO. The underwriters have also been granted an over-allotment option of five percent of the offer. Conditional trading of the shares commenced on the LSE on Thursday, subject to admission becoming effective on or about Oct. 11. Citigroup acted as global coordinator and joint bookrunner on this IPO. HSBC was the other joint bookrunner.
Based on the offer price, Investcom’s market capitalization is about $3.3 billion.
“We’re delighted to have completed this IPO so successfully. We look forward to continuing to implement our strategy and develop our business as a publicly listed company,” Investcom’s Chief Executive Azmi Mikati said.
