Saudi Telecom Company (STC) subsidiary Viva Kuwait is due to list its shares on the Kuwait Stock Exchange (KSE).

The process began with an initial public offering (IPO) that was 3.4 times oversubscribed with 916,000 subscribers. Kuwaiti nationals made up 50 per cent of the shareholders.

National Bank of Kuwait (NBK) Capital will be managing the listing.

“This listing is a very important and strategic step in the development of the company,” says Salman bin Abdulaziz al-Badran, chief executive officer of Viva Kuwait.

The operator has about 1 million subscribers and 20 per cent of the market share. It was the third entrant to the Kuwaiti mobile market after Zain Kuwait and Wataniya Mobile.