Wateen Telecom Limited is offering 110 mn shares with an additional Green-shoe option of 90m shares amounting to PkR 2 bn. The IPO will be offered to institutional investors and general public at par value of PkR 10 per share.
The proceeds of the IPO would be utilized for:
(i) The repayment of company’s financial obligations amounting to PkR1.49 bn arising out of payment of LCs and;
(ii) Acquisition of additional stake in the subsidiary company - Wateen Solutions (Pvt.) Ltd. by making a payment of PkR 490 mn.
Brief Term Sheet
| Transaction: |
Initial Public offering of ordinary Shares |
| Company: |
Wateen Telecom Limited |
| No. of shares: |
Up to 110,000,000 ordinary shares through IPO |
| |
Up to 90,000,000 ordinary shares through Green-shoe Option |
| Issue price: |
PKR10/- per share |
Subscription Dates: |
April 20 & 21 ,2010 |
| Issue amount: |
PkR 2,000,000,000/- (PkR 2.0 bn) |
| Advisors and Arrangers: |
Arif Habib Limited |
| Participants/Investors: |
Institutional investors and general public |
WATEEN TELECOM LTD. – AN OVERVIEW
Wateen’s successful four years of operations in the telecom industry of Pakistan speak for itself, as it successfully deployed the largest commercial and first nationwide 3.5 GHz WiMax network rollout in the world covering 22 cities and 1,100 sites with over 160,000 wireless broadband customers (60% of wireless Broadband market), 12,000 Broadband customers over fiber and 2,700 corporate links (including 26 commercial banks) as well as major GSM and telecom operators as its customers.
Wateen Telecom is also the largest operator of satellite services in the country and now offering services to a few telecom operators in Afghanistan. Additionally, optic fiber network spanning over 10,000 KM across Pakistan and in all major cities provides a solid backbone for Wateen’s offerings. Wateen also has been acknowledged as the largest alternative LDI operator in Pakistan (with over 1 billion minutes of traffic volume) duly acknowledged by the regulatory authority PTA.
SPONSORS OF THE COMPANY
Wateen Telecom is a group company of The Abu Dhabi group. Abu Dhabi Group is one of the largest business groups in the Middle East and the single largest foreign investor in Pakistan. The Abu Dhabi Group has a substantial exposure in Banking, Telecom, and Real Estate sectors of Pakistan and has invested over US $ 2 Billion in the country.
Abu Dhabi group owns Wateen through Warid Telecom International and Bank Alfalah Limited which hold 79.8% and 20.0% shares respectively.
Warid Telecom Interna¬tional LLC.
Warid Telecom has operations in four coun¬tries and collectively entertains 27.7 million subscribers. Warid Telecom is a joint venture between Abu Dhabi Group & SingTel Group.
Bank Alfalah Limited
Bank Alfalah Limited, the second major sponsor is a leading banking institution and has a 6.6% share in the overall commercial banking deposits in Pakistan as of 30 September, 2009. The bank has a presence in different cities of Pakistan with 321 branches in its banking network as of 31 December 2009.
BASIS OF ALLOCATION
OF SHARES
The interested investors would be required to download and fill the subscription forms. The duly filled form along with the check/ demand draft / pay order, in favor of “A/C INITIAL PUBLIC OFFERING OF WATEEN TELECOM LIMITED” would have to be submitted to Bank Alfalah or any of the designated Bank’s branches (List of Designated Branches available at the back of the subscription form)
HOW TO FILL AND SUBMIT THE SUBSCRIPTION FORM
1. Fill in all the particulars of the form. Name (s) and Address (es) must be written in full block letters
2. Provide an attested copy of NIC or Passport.
3. Submit complete subscription form along with subscription amount via Demand Draft, Pay order or cheque in favor of “A/C INITIAL PUBLIC OFFERING OF WATEEN TELECOM LIMITED”.
4. Only one application will be accepted against each bank account, however, in case of joint account, one application may be submitted in the name of each joint account holder.
5. Make sure that the Bank branch, to which the application is submitted, completes the relevant portion of the subscription form.
6. Retain the bottom portion of the subscription form as provisional acknowledgement of the submission of application.
7. The company will dispatch shares to successful applicants through their Bankers to the offer or credit the respective CDC accounts of the successful applicants.
Staff at Alfalah Securities would also be available to facilitate and address the queries of the investors, if any. For further information please contact:
KARACHI
Sales Team:
Abdullah Hashim
Ibraheem Abid Mir
Ahmed Raza
Alfalah Securities (Pvt.) Ltd.,
12th Floor, Tower ‘A’,
Saima Trade Tower,
I.I. Chundrigar Road.
Karachi, Pakistan.
Tel: (9221) 99217810-9
LAHORE
Sales Team:
Imran Farooq Bhatti
Asad Butt
Tauseef
Room No. 302, 3rd Floor Officers,
Siddiq Trade Centre, 72 Main Blvd.,
Gulberg, Lahore, Pakistan.
Tel: (9242) 35781617
ISLAMABAD
Sales Team:
Muhammad Irfan
Khwaja Khurram Latif
H. No: 30, Khayaban-e-Iqbal,
(Margallah Road), F – 8/3,
Islamabad, Pakistan.
Tel: (9251) 2287003-5.
Documents
- Wateen - Research Note
- Wateen Subscription Form in English
- Wateen Subscription Form in Urdu
- Wateen Prospectus
