Prospects brighten for bourse after biggest IPO in Iraqi history

Asiacell’s initial public offering (IPO) came to a positive end on 4 February, with the company’s shares jumping 10% on their first day of trading on the Iraq Stock Exchange (ISX), the maximum amount allowed under exchange rules. The mobile operator sold ID1.49trn ($1.3bn) worth of shares in the deal, making it the largest IPO in Iraqi history. It was also the largest IPO in the Middle East for five years, since Saudi Arabian Mining Company raised $2.5bn in its listing on the Tadawul in 2008.