The kingdom's second licensed full service telecommunications operator said that it is offering 48,000,000 shares (48 million) equivalent to 15 per cent of issued share capital at a price of 190 fils starting
The offering closes on
The IPO is open to Bahraini institutional and retail investors as well as GCC institutional investors.
The current issued share capital of Zain Bahrain is BD32,000,000 divided into 32,000,000 shares of BD1 each.
After its conversion into a public joint stock company, the fully paid share capital will be BD36,800,000 divided into 368,000,000 shares with face value of 100 fils.
The offering price, therefore, represents a premium of 90 fils per share, that is, 90pc of face value.
Based on the IPO price, the company is valued at
The capex is aimed at upgrading network infrastructure to improve indoor coverage, expanding capacity to meet high bandwidth demands and introducing smart features for smartphones.
It will also include expanding the current 4G LTE service for achieving speeds of up to 100Mbps and subsequently to 150 Mbps and for deploying a fibre-optic network nationwide. Subsequent to the IPO, the company expects to list on the Bahrain Bourse, under the symbol ZAINBH, for which an application has been submitted to the stock exchange and the
Under the terms of a licence granted in 2003, Zain Bahrain, 56.3 pc owned by
Initially planned in 2008, the IPO was suspended then.
Minority shareholders include chairman
Other members of the board are deputy chairman
It is unclear whether
Analysts have predicted a strong response from investors.
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