Kalimat eyes nationwide expansion; plans IPO in 2012

Having delayed a listing which had been scheduled for this year, Iraqi national telecoms operator Kalimat Telecom plans to launch an initial public offering (IPO) in 2012, Reuters reports. Wilson Varghese, Kalimat’s chief executive, said the planned IPO should help the company expand as it eyes a nationwide rollout of services by the end of this year. ‘The main growth driver for us will be the rollout across the country and [the provision of] … value added services that will increase our subscriber base.’ Kalimat, which is majority owned by Kuwait’s royal family, plans to provide mobile, fixed and data services throughout the country by November; at present the company operates in six major Iraqi cities. The operator said it will invest USD250 million in 2011, with the aim of tripling its subscriber base of more than 300,000 by the end of the year. As it expands coverage, Kalimat expects subscribers to grow to three million by the end of 2012, Varghese added.