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Iraq's Asiacell completes USD1.35b IPO  Join our daily free Newsletter

MENAFN - 04/02/2013

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(MENAFN) Iraqi mobile operator Asiacell has completed a USD1.35 billion public offering, boosting the country's stock exchange growth, Reuters reported.

Taha Abdulsalam, CEO of the Iraq Stock Exchange, said that orders had been received for all 67.5 billion shares on offer, representing 25 percent of the company's share capital.

The IPO is the largest in the Middle East since 2008, according to Bloomberg, which said it will help attract liquidity and foreign investment to the bourse.

The IPO was seen as a test of investor confidence in Iraq's economy as it recovers from years of war, political instability and financial sanctions.

This will encourage Asiacell's rivals Zain Iraq and Korek Telecom to come forward to offer 25 percent of their shares on the stock exchange to comply with their licenses.

 






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