Ooredoo Maldives has revealed the results of its initial public offering (IPO) which it launched in April.
Ooredoo Maldives allocated over 14 million shares to 8219 applications following its IPO, which is equivalent to MVR 421.35 million and constituting 9.5% of issued, paid-up shares, according to the telecom company.
Managing Director and Chief Executive Officer of the Maldives Stock Exchange, Hassan Manik, stated that, success of this IPO is a milestone achievement for the capital market of the Maldives, particularly due to the high participation from local investors where over 6,000 out of the 8,219 investors were first-timers. Ooredoo reveals they will be listed on the Official List of the Maldives Stock Exchange on the third market day after it announces the lodgment of shares to each shareholder's MSD account.
The fixed and mobile operator, had offered up to 22.17 million issued Ordinary Shares to Maldivian and international institutional investors, as well as retail investors, at a price of 30 rufiyaa per share; 63.4% of the shares on offer were taken up. The shares are scheduled to be listed on the Maldives Stock Exchange (MSE) on or before 10 August 2017.