Oman mobile operator Nawras could raise as much as US$600 million in an initial public offering (IPO) scheduled to take place in October 2010, when 40 percent of the company will be made available, Reuters said. The Oman firm is currently controlled by Qtel, which has a 56 percent stake, with TDC and several Omani institutions also holding shares. The report suggested that all of the Omani company’s existing owners will reduce their shareholdings proportionately, meaning that Qtel will remain the biggest single owner of Nawras, albeit with a significantly reduced share.

As much as 70 percent of the new shares will be available to retail investors, with the remainder available to financial institutions, and it is widely believed that the offer will be over-subscribed. It is also the first IPO to take place in Oman for two years. Nawras is one of two mobile operators in the country, launching in competition to state-owned monopoly Omantel. According to Wireless Intelligence data, Nawras has 1.97 million subscribers, giving it a 49 percent market share.