Wateen's IPO – Update
We did a post earlier on the analytics of the Wateen’s IPO and much has also been said about it on TGP. Today I came across this news item in the business recorder which says ‘Wateen’s IPO 82% oversubscribed’. Excerpt from the paper follows.
Arif Habib Limited has announced that the Initial Public Offering (IPO) of Wateen Telecom Limited offered on April 20 and 21, 2010 to institutions and general public closed with an overwhelming success. It is 82 percent oversubscribed from all categories of investors.
As per the data received from the Bankers to the Issue, total subscription received for PKR 2.006 billion as proceeds of over 200 million shares subscribed against the offered 110 million shares at a par value of Rs 10 (for Rs 1.1 billion). The additional green shoe option of 90 million shares (for Rs 900 million) is also fully subscribed; again at a par value of Rs 10 per share.
Wateen is expected to be listed on all three stock exchanges (KSE, LSE and ISE) on May 27, 2010.
Now lets see how Wateen performs with these investments.
About the Author
Arsalan Mir is a Telecom enthusiast with engineering background based in Lahore. On professional front, he is the Director Operations at the Target Group. He can be reached at arsalan (at) telecompk (dot) net
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In May 2010, I purchased 20,000 shares for Rs. 200,000 @Rs. 10.00 per share. During this period, whenever I checked the rates it went down word. It decreased very fast and last month the rate was Rs. 1.97 and today (February 28, 2012) its selling rate is around Rs. 2.00. Such a rapid decline is not understandable.
Wateen has recently got a contract of Broadband Services in more Remote Areas of Punjab. It is sponsored by MoIT-USF. I hope the company management shall take rational decisions and focus more towards the customers than the organizational infrastructure and shaashka:).
Good Luck Green!
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