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MENAFN - 26/12/2012

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(MENAFN) Iraq's Asiacell announced that it will launch an initial public offering (IPO) with the aim to raise at least USD1.35 billion, reported Gulf Daily News.

The Qatar Telecom's (Qtel) affiliate said that the IPO, the largest since 2003, will see the firm floating 25 percent of its share capital on the Baghdad stock market.

The company added that the offer, through which the firm will sell 67.503 billion shares at a price of at least USD0.02 a share, will begin on January 3.

It noted that shareholders would offer their shares for sale in the IPO, however, its did not specify if parent Qtel, which owns 54 percent of the firm, would sell part of its stake.

It is worth noting that Asiacell, Zain Iraq and Korek must collect funds through IPOs as a condition of receiving their USD1.25 billion operating licenses from the Iraqi government.

 






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