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Asiacell IPO expected to be fully-subscribed
- Iraq: Saturday, January 26 - 2013 at 06:04
Iraq-based Rabee Securities has said the $1.35bn share sale by mobile operator Asiacell will be fully subscribed, Reuters has reported. The country's second telecoms operator, 53.9% owned by Qtel, is due to list on the Iraq Securities Exchange (ISX) on February 3, following a month-long book-building process. It aims to sell 67.5 billion shares in the offering, which began on January 3. "I knew there would be interest, I just didn't know how much - I can say that we will easily cover it," Shwan Ibrahim Taha, chairman of sole book runner Rabee Securities, told the news service. "We will be fully subscribed." "We are opening up a lot of accounts and we are not refusing anyone," said Taha. "Very roughly, it is half Iraqi and half international."
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