Mobile telephone operator Wataniya Palestine will launch an initial public offering (IPO) on November 7, a source familiar with the matter said yesterday, the first company to list on the Nablus bourse this year.

Wataniya Palestine, part owned by Qatar Telecommunications Company, hopes to raise $50 million, the source said.

The company began functioning as the second mobile operator in the Palestinian territories a year ago after entering the market as a competitor to Jawwal, owned by the Palestine Telecommunications Company.

It aims to join the 40 companies already listed on the bourse, which have a combined market capitalisation of about $2.5 billion.

Two Palestinian government officials said Wataniya Palestine plans to offer 15 per cent of its shares, and a further 15 per cent at a later date, resulting in a 30 per cent free-float.

The source said details of the IPO would be announced tomorrow. The remaining 15 per cent will be offered to the public within four years, the source said.

A Palestinian government official said the company had "met all of its licence obligations and was granted consent to raise funds via IPO."

Wataniya Palestine is 53 per cent owned by Qatar Telecommunications and 47 per cent owned by the Palestine Investment Fund, which is owned by the Palestinian Authority.

Those stakes are set to drop to 40 per cent and 30 per cent respectively after the full 30 per cent is sold to the public, the source said.