The licence will be valid for 15 years with the possibility of renewal, and companies have until November 20 to submit documents.
The commission states that both new and existing licenses will be obliged to enter into infrastructure and facilities sharing arrangement in order for speedy and cost efficient network deployment.
The successful applicant will compete with Zain Iraq, which has 13.6 million subscribers, Asiacell, which has 11.2 million subscribers, and Korek, which has 6.4 million subscribers.
Iraq's mobile penetration stood at 95.7% as of 2014, while its internet and broadband market penetration is among the lowest in the MENA region.