Ooredoo Maldives has said that the success of its IPO (Initial Public Offering) is indicative of investors recognizing the telecommunications providers potential for growth.

CEO Najib Khan thanked investors as he highlighted that Ooredoo Maldives has established a strong investor base in the country.

Ooredoo Maldives concluded its IPO having sold 14,044,870 shares to 8,219 people. While this amounts to over MVR 421 million, they had sold 9.5 percent of all shares offered.

The IPO was intended to provide the Maldivian people with an opportunity to understand the company as well as nationalize it, CEO Khan said.

Azeema Adam, the Maldives Monetary Authority’s governor, had previously said that Ooredoo’s success shows that foreign investors are welcome in the country, calling the company a ‘shining example’.

At each stock priced at MVR 30, Ooredoo made 15 percent of the company available to the public. If any investor wants to buy more, they have the opportunity to acquire up to 40 percent. This is a total of over 59 million shares.