According to a report in The Wall Street Journal, Oger Telecom, which offers mobile, fixed-line and data services in Turkey and South Africa as well as data service in Saudi Arabia, Lebanon and Jordan, is set to launch a $1.25 billion IPO. The company plans to list shares on the Dubai International Exchange and global depositary receipts on the London Stock Exchange. The IPO will be the second-largest offering to come out of the region, behind the $2.7 billion privatization of Saudi Telecom in 2002. The IPO offer will boost Dubai's fledgling exchange market, which currently lists only seven equities. Oger's focus on emerging markets is a particular draw for investors. Saudi Oger will retain a 40 percent stake in the company, while Telecom Italia will maintain a 10 percent stake.
For more on the IPO:
- see the report in the WSJ (sub. req.)