DUBAI, Dec 3 (Reuters) - Iraqi telecom operator Asiacell
will launch its long-awaited initial public offering (IPO) on
Jan. 3, a company spokesman said on Monday, in what is likely to
be the country's largest-ever share sale.
Asiacell, a subsidiary of Qatar Telecom (Qtel),
aims to sell a quarter of its stock in the IPO and will list on
the Iraq Stock Exchange on Feb. 3, the spokesman said.
The company has until Dec. 25 to tell the market regulator
the number and price of the shares it wants to sell.
Asiacell - given an enterprise value (equity plus debt) of
$4.4 billion in 2011 by brokerage Nomura Holdings - received
preliminary approval from Iraqi regulators to launch its share
sale in August this year.
Morgan Stanley ceased to be a bookrunner on the IPO in
September, signalling it will increasingly rely on local
Asiacell and rival operators Zain Iraq (a subsidiary of
Kuwait's Zain ) and France Telecom affiliate
Korek had been required to float a quarter of their shares by
August 2011 as part of their $1.25 billion licence agreements.
All have yet to do so and the planned share offerings would
still be the first major IPOs since the U.S.-led invasion that
toppled Saddam Hussein in 2003.
The Iraq Stock Exchange, whose listed stocks have a combined
market capitalisation of about $3.7 billion, has a daily share
trading volume of around $3.2 million.
(Reporting by Matt Smith; Editing by Dinesh Nair and David