Iraq mobile firm debuts on Baghdad bourse
Iraq's second largest mobile operator debuted on the Baghdad bourse
on Sunday, in the country's first major stock flotation and after
pressure from the media regulator for it to be publicly listed.
Asiacell, majority-owned by Qatar Telecom, offered 67.503 billion
shares, representing 25 percent of its total share capital, raising
1.485 trillion Iraqi dinars ($1.24 billion) overall, according to
Baghdad-based Rabee Securities, which helped the firm list on the Iraq
Stock Exchange (ISX). Rabee said foreigners bought 70 percent of the
float, and Iraqis the remaining 30 percent.
It pegged the company's market capitalisation at 5.94 trillion Iraqi
dinars ($4.95 billion), equivalent to almost half of the entire market
capitalisation of the ISX.
Asiacell said in a January 24 statement that "demand for its
shares... is high amongst ordinary Iraqis and professional investors
alike" and claimed at the time that its initial public offering was the
biggest ever in Iraq, and the largest in the Middle East since 2008.
The firm and Iraq's two other mobile phone companies -- Kuwait's Zain
and Korek, in which France Telecom and Kuwait's Agility Logistics have
stakes -- were fined for failing to issue IPOs on the ISX, Zain said in
July.
Asiacell is the second biggest cell phone firm in Iraq by
subscribers, with 9.9 million, after Zain which says it has more than 12
million customers. |