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Asiacell confirms IPO raised USD1.22 billion

5 Feb 2013

Following widespread press speculation, Iraqi mobile operator Asiacell has issued a press release confirming the successful conclusion of its initial public offering (IPO). The price of the share offer was set at IQD22 (USD0.02) per share, and the sale of a 25% stake raised USD1.22 billion, implying a market capitalisation of USD4.90 billion. According to preliminary information, 70% of the shares were acquired by foreign investors. Shares will now trade on the Iraq Stock Exchange (ISX), under the ticker ‘TASC’.

Iraq, Asiacell

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