Vodafone Qatar has announced that following the closure of the subscription period of its initial public offering (IPO), the issue has been fully subscribed.

Allocation of shares will be finalised on or before May 10 and shareholders will be advised of their subscriptions by SMS during this period and mail notifications will follow.

Vodafone Qatar offered 338.1 million shares for 10 riyals each, representing a 40 percent stake, in an offering from April 12 to April 26.

"We are delighted by the huge interest from both Individual and Institutional Investors and look forward to Vodafone Qatar’s listing and trading on the Doha Stock Market,” said Vodafone Qatar CEO, Graham Maher.

“The success of this IPO also proves the underlying strength of the Qatari market and investor confidence in Vodafone,” he added.

Vodafone Qatar will hold a press conference with further details at 12 noon on May 3 at the W Hotel. – TradeArabia News Service