Zain Bahrain completes IPO

3 Oct 2014

Zain Bahrain has announced the results of its initial public offering (IPO), in which 48 million shares (15% of the company’s issued shares prior to offering) were allotted in the period 2 September to 30 September 2014. Bahraini retail and Bahraini/GCC country-based institutional investors subscribed to around 16.7 million shares amounting to 34.8% of the offering while the remaining 31.2 million shares (65.2% of the IPO) were subscribed to by the underwriter, TradeArabia News reports. Based on the IPO price, the company would be valued at BHD60.8 million (USD161.2 million), although a report by Mubasher Financial Services said the IPO price was at a discount to fair value, and instead valued Zain Bahrain at BHD88.2 million, implying a 26% upside to the IPO price.

Bahrain, Zain Bahrain