Nawras to buoy feeble Middle East market
The lacklustre Middle Eastern IPO market looks set for a boost from Omani telecoms company Nawras, which launched investor education this week for an Or400m ($1.04bn) float due to price towards the end of September.
Responses for the Morgan Stanley and Bank Muscat-helmed deal are expected to take longer than the usual two weeks to come in, given that much of the potential investor base is observing Ramadan, which ends on September 9. It is unlikely that books will open before this date.
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