Published: January 3, 2013
The mobile operator’s equity offering will be Iraq’s largest ever.
Asiacell, the Iraqi mobile operator, has announced its intention to sell 25% of its share capital on the Baghdad Stock Exchange. With a target price of US$1.35bn, it is set to be the country’s largest ever IPO. The company will look to sell 67.503 billion shares at upwards of 22 dinars (US$0.02) each. The sale will begin tomorrow and end on 2 February.
The IPO is a landmark event in Iraq’s economic recovery and should provide a considerable boost for the country's underdeveloped stock exchange. All citizens are being encouraged to buy and there is no minimum purchase level.