The Abu Dhabi Investment Authority (ADIA) completed its secondaryofferingof 160.5 mn Ooredoo shares, equivalent to 5.01% of the Qatari telecom operator, according to a press release (pdf). The shares were offered at a final price of QAR 12.5 apiece — 5.7% less than their value at the end of trading yesterday.

The transaction is set to have brought in roughly QAR 2 bn (USD 584 mn) and saw strong demand from domestic, regional, and international investors, with books multiple times oversubscribed.

The state of play now: ADIA retains roughly half of its original 10% stake in Ooredo, with its remaining shares on lock-up for 180 days. The sold shares will start trading today on the QSE’s special trade segment. Ooredoo’s freefloat on the Qatar Stock Exchange has now increased to 27%, up from 22%.

ADVISORS- Our friends at HSBC were joint bookrunners alongside Citigroup and QNB Capital.

ICYMI- Adia formally kicked off the offering earlier this week, and the news was first announced days before.

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