WorldCall Telecom Ltd (WTL) is offering 69 million ordinary shares, and its initial public offering would be held on August 23 and 24. WTL would focus on Long Distance and International (LDI) telephony and Wireless Local Loop (WLL) services as core business. WTL is offering 69 million ordinary shares at par, ie at an offer price of Pak Rs 10 per share through initial public offer.
Pak Oman Investment Co, Union Bank and Crescent Standard Investment Bank Ltd, have been mandated to act as advisors and arrangers to the proposed IPO. KASB Bank is acting as the placement agent to the said IPO. At present WLL is soliciting interest from institutions, high net-worth individuals and the general public to invest in the ordinary shares of WTL.
The proceeds of the IPO would be utilised to finance part of the WLL project of the company.
WTL was awarded the LDI and WLL licences by Pakistan Telecommunication Authority (PTA) in July 2004 and November 2004 respectively. It is the first company to successfully deploy its LDI network post-deregulation and launch service in November 2004.
WLL services were fully operational in June 2005. The WLL business would provide local, nation-wide and international telephony.
The total cost of the WLL and LDI projects of WTL is Rs 5,616 million. The WLL service would be positioned as a fixed line alternative with additional features such as limited mobility, SMS data/internet.
WTL would have a distinct edge over its competitors, given substantial in-house captive traffic originated from its payphone and prepaid calling card businesses. WorldCall has been a pioneer in introducing innovative telecom services for customers in Pakistan including the successful supervised payphone model, prepaid calling cards and first and largest broadband HFC networks offering triple play (cable TV, high speed data/internet and telephony).
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