Wateen IPO oversubscribed due to overwhelming response

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LAHORE (May 04 2010): 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 sources/spokesman said. Wateen, Abu Dhabi Group's second telecom venture in Pakistan, had offered 110 million shares under the IPO while 90 million additional shares were offered as a 'Greenshoe' option.

Subscription for the general public was opened on April 20 & 21, 2010 and Wateen's shares were offered at a par value of Rs 10. Wateen's 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.-PR

Source:FLare