The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Awards

Highly commended Middle Eastern deal of the year 2013: Asiacell

Asiacell $1.2 billion IPO
Distributor selling agent Rabee Securities
return to the Deals of the Year 2013 index

Frontier markets are in vogue and there are few markets less tapped than Iraq. It is perhaps fitting, then, that in February 2013 Iraq produced the biggest IPO in the Gulf region since the 2008 global financial crisis: the $1.2 billion listing of mobile phone firm Asiacell.

Mobile telephony is a hot sector, particularly in frontier markets. Asiacell and its peers in Iraq are also regarded as well-run companies – which bodes well for Zain Iraq and Korek Telecom. Those firms (it is hoped) are due to follow Asiacell with listings in Baghdad.

As part of Asiacell’s IPO, Qatar Telecom (QTel, now known as Ooredoo) increased its stake in the firm from 53.9% to 64.1%. Asiacell’s shares traded upwards in the weeks following the listing. However, completing the transaction was by no means easy.

The company’s $5 billion valuation was roughly equal to the market capitalization of the entire exchange before the listing and the size of the transaction was equivalent to several hundred times average daily trading.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree