Kuwait's third telecom operator VIVA raised KD25 million ($93.6 million) in an initial public offering of half its capital which was 2.4 times oversubscribed, state news agency Kuna reported.

Viva, 26 per cent of which is owned by Saudi Telecom Company, sold 250 million shares, Kuna quoted the president of its founding committee Adel Al-Roumi as saying in a statement.

The company received offers worth KD88.54 million ($331.5 million), Al-Roumi said.

Earlier this month, Viva's chief executive Najeeb Alawadhi told Reuters the company aimed to attract 300,000 subscribers in its first year of operation, a market share of 10 per cent.-Reuters