Iraqi mobile operator Asiacell raises $1.3bn

Advert for Asiacell mobile phone operator Asiacell has been forced to sell shares as part of its licence agreement

The Iraqi mobile phone operator Asiacell has raised $1.3bn (£828m) on the stock market.

The flotation on the Iraq Stock Exchange (ISE) was seen as a test of investors' confidence in the country.

About two-thirds of the shares were bought by foreign investors. They will begin trading on the exchange on Monday morning.

Asiacell sold 25% of its shares in the offering, valuing the whole company at over $5bn.

The offering doubled the market capitalisation of the ISE.

According to a local broker, the main buyer of the shares was the Kuwaiti company, Qtel, which already owns almost 54% of Asiacell.

Some local traders avoided the listing, saying the shares were overpriced.

Asiacell was forced to sell some of its shares on the ISE as part of the terms of its licence from the government.

Its local rivals Zain Iraq, which is a subsidiary of Kuwait's Zain, and Korek, which is owned by France Telecom, will have to follow suit.

More on This Story

The BBC is not responsible for the content of external Internet sites

More Business stories


Features & Analysis

  • Martin Gardner as a young manThink hard

    Was this man the world's greatest puzzle master?

  • Carved pumpkinTrick or treat

    What did a riot at a pumpkin festival show about race in US?

  • A woman puts on a surgical mask during hospital Ebola training in Alabama.'Dark continent'

    Is prejudice fuelling Ebola outbreak hysteria in the US?

  • Oscar de la Renta and Oprah WinfreyIn pictures

    The life and work of Oscar de la Renta

Elsewhere on the BBC

  • FutureThe future is now

    Get the latest updates and biggest ideas from BBC Future’s World-Changing Ideas Summit


  • Smart glassesClick Watch

    Smart spectacles go into battle – the prototypes looking to take on Google Glass

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.