(MENAFN) Kuwait's telecom operator Zain plans to float a quarter of its shares in its Iraqi unit on the Iraq Stock Exchange, as per the requirements of its USD1.25 billion license, Reuters reported.
The initial publc offering (IPO) could be Iraq's largest ever, topping number two operator Asiacell's USD1.27 billion floatation earlier in February. It could also use the cash proceeds to strengthen Zain Iraq's network or repatriate back to Kuwait.
The company expects to finalize details of the IPO by the end of June, Wael Ghanayem, Zain Iraq's chief financial and operating officer said.
Zain's stake in Zain Iraq would fall to 51 percent from current 76 percent if the IPO is fully subscribed.
Aside from Zain's stake, the remaining 24 percent of Zain Iraq is held by "strategic Iraqi investors", according to a statement from Zain.
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