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Iraq's Asiacell Planning Roadshow to Promote Stock Market Listing
Published on:
Iraq's Asiacell is considering carrying out a roadshow to promote its forthcoming stock-market listing due to the slow uptake of the prospectus so far.
The main reason for the slow-uptake though is not due to lack of interest in the company, but uncertainties about the Iraqi stock market procedures. A roadshow should help answer those concerns.
Asiacell's lead manager for the offering, Rabee Securities is currently working on a prospectus for international investors. "We are seeing a lot of interest, especially in the Gulf because of the better awareness of the process of IPOs and offerings.
However international investors can participate only if they have an account with one of Iraq's 47 brokers.
"People are still unsure of the process of subscription, they are asking whether they need bank accounts. We set up a customer care line especially for it and we are receiving 20,000 to 25,000 calls every day," Asiacell's CEO, Diar Ahmed told The National newspaper.
The mobile network is required to list its shares as a condition of its operating license, and is seeking to raise up to US$1.3 billion from the IPO.
Trading in the shares is due to start on the 3rd February.
On the web: The National
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