Iraq’s Asiacell Seeks To Raise $1.35bn From IPO

Iraqi telecommunications operator Asiacell, a unit of Qatar Telecom, plans to raise at least $1.35 billion by offering 25 per cent of its share capital in an initial public offer on the local bourse, it said in a statement on Tuesday.

Asiacell will sell 67.503 billion shares at a price of at least 22 Iraqi dinars ($0.02) per share in the offer, which commences on Jan. 3, it said.

Asiacell and its two rivals in the market, Zain Iraq and Korek, have to raise funds through IPOs as a condition of their $1.25 billion operating licences.

All three companies missed an earlier deadline of August 2011 to do so. Asiacell is to be the first to float on the Iraqi bourse.