Iraqi mobile operator Asiacell has picked HSBC and Morgan Stanley to manage an IPO next year, according to media reports.
Reuters reported that the IPO is not expected until 2012 because of volatile market conditions and the time required to complete…
Iraqi mobile operator Asiacell has picked HSBC and Morgan Stanley to manage an IPO next year, according to media reports.
Reuters reported that the IPO is not expected until 2012 because of volatile market conditions and the time required to complete the pre-IPO process.
Asiacell was not immediately available for comment. A spokesman for the Qatar-based Qtel, which holds a 30% stake in Asiacell, declined to comment.
Three Iraqi mobile operators – Asiacell, Korek Telecom and Zain Iraq – reportedly had an original deadline of 31 August to list 25% of their shares, but this has still not taken place.
Reuters reported that the Iraqi Communications and Media Commission (CMC) had said last week that it did not expect any offerings until mid-2012.
A Zain Iraq spokesman told TelecomFinance that it was in “constant discussions” with the relevant Iraqi authorities and would advise external parties when there was a concrete development.
“In the meantime, the company is diligently preparing itself on all necessary items so as to be ready for the IPO when the Iraq authorities determine the appropriate date and conditions of this IPO,” he said.
He confirmed reports that Zain Iraq has hired BNP Paribas, Citigroup and NBK Capital to manage its listing.
