Asiacell Communications PJSC, Iraq's second largest mobile operator, aims to raise about US$ 1.3 billion from an initial public offering (IPO) in January 2013 when it lists on the Iraq Stock Exchange, as per company releases.
The mobile operator said its IPO will be the first of its kind in Iraq and one of the biggest share offerings in the Middle East region in the past year, and consist of 67.503 billion shares, representing 25% of the company’s share capital. The shares would be offered at a price of a least IQD 22 per share at the start of the subscription which would take place from January 3, 2013 to February 2, 2013.
The share listing will be the country's first major listing since the 2003 uprising. The shares would start trading on February 3, the company said.
Qatar Telecom owns 54% of the Iraqi operator, which competes with Zain Iraq and Korek.
Asiacell holds a 15-year operating license issued by the Communications and Media Commission of Iraq in 2007. In 2009, Asiacell became the first mobile provider in Iraq to achieve nationwide coverage, serving all 18 of Iraq’s governorates.
Asiacell serves Iraq’s capital, Baghdad, and all other major Iraqi cities, with a network that covers 97% of the Iraqi population, as per newswires.
Mena Weekly Monitor – Bank Audi Research