Ooredoo Maldives in IPO advised by Sri Lanka’s NDB Investment Bank
ECONOMYNEXT – Ooredoo Maldives, the second mobile operator in the Indian Ocean tourist paradise, is seeking at least $43 million in an initial public offer managed by Sri Lanka-based NDB Investment Bank.
The IPO opened for subscription on April 18 and closes on May 28, 2017.
The firm is offering stock of $43 million, but could be expanded to $115 million if oversubscribed.
Ooredoo Maldives repoted revenues of $105 million for 2016 and after-tax profits of $32 million after investing 4194 million in the archipelago.
Ooredoo Group, where Qatar Investment Authority is a major shareholder, has operations in 10 market with 138 million customers, NDBIB said.
NDBIB won the mandate to manage the IPO after a competitive bidding process. Ooredoo Maldives is the firm NDBIB is taking public outside of Sri Lanka, Chief Executive Darshan Perera said. "Conducting an IPO in a foreign jurisdiction involved many challenges," Nilendra Weerasinghe, vice president and head pf corporate advisory, said.
"We deployed a relatively large transaction team to work on different aspects of the IPO including familiarising ourselves with the regulatory regime, carrying out business due diligence and valuations, and devising a placement strategy considering the needs of the company and the nascent stage of the capital market."
Vajira Kulatilaka, director of NDBIB and CEO of NDB Capital Holdings Limited, said the firm wanted to be a regional player in debt and equity. (Colombo/May15/2017)