NDBIB goes regional with Ooredoo Maldives IPO
View(s):NDB Investment Bank (NDBIB) recently launched the IPO of Ooredoo Maldives PLC on the Maldives Stock Exchange acting as the lead financial advisor and manager to the IPO.
The mandate from Ooredoo Maldives, a subsidiary of Ooredoo Group, a global telecommunications service provider based in Qatar, signifies NDBIB’s pioneering efforts as Sri Lanka’s first investment bank to handle an IPO outside Sri Lanka, the company said.
The IPO was launched in the Maldives on April 18 and is expected to close on May 28. The initial offer size is set at approximately US$43 million with a commitment from the shareholders to go up to US$ 115 million in the event of an oversubscription.
Ooredoo Group is one of the fastest growing telecommunications service providers in the world with a customer base in excess of 138 million and operations in over 10 markets.
Darshan Perera, CEO of NDBIB, commenting on the IPO, said, “NDBIB was awarded this transaction via a competitive bidding process followed by a comprehensive evaluation of technical and commercial proposals. The bidding process attracted participation from many prominent investment banks in the region and we are honoured to have been selected to handle this landmark IPO in the Maldives”.