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Zain Iraq expects IPO to attract GCC funds

Zain Iraq has said wealthy individuals are expects to be the biggest subscriber group in the telecom operator's 2014 IPO, followed by Iraqi and foreign institutions and then local retail investors, Reuters has reported. The initial public offering will likely raise "north of $1bn," Zain Iraq's chief financial and operating officer, Wael Ghanayem, told the news service. Funds from GCC countries would probably make up the bulk of foreign institutional demand for the IPO, Ghanayem said.