Vodafone Qatar has announced that its 3.4 billion riyal (about $929 million) initial public offering (IPO) has been fully subscribed to, following the closure of the subscription period.
The company offered a 40 per cent stake split into 338.1 million shares to Qatari nationals at 10 riyal each. The offer was open from April 12 to April 26, 2009.
Vodafone Qatar switched on a trial GSM service in March 2009 and expects to launch commercial services by July 1, 2009. It intends to achieve 98 per cent 2G/3G population coverage by September, partly via a network-sharing agreement with Qatar Telecom.
