Asiacell aims to raise $1.3 billion from IPO

Asiacell aims to raise $1.3 billion from IPO

Iraq’s second largest mobile operator Asiacell is aiming to raise $1.3 billion in its IPO set to take place this month.

The company set a price of $0.018 per share for the IPO and is listing 67.5 billion shares, equivalent to 25% of its total capital.

It will be the country’s first major listing since the fall of the Hussein regime in 2003.

The subscription period for the IPO opens on January 3 and will run until February 2. Asiacell’s stock will begin trading on the Iraq Stock Exchange on February 3.

Market leader Zain Iraq and Korek Telecom are also set to follow suit with their own listings as part of plans set out by Iraqi regulators.

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