Zain Bahrain is set to launch its IPO by the end of June, according to a report from Reuters.
The public offering could be the Gulf island’s largest share sale since 2010. The company is 56.3% owned by Kuwait-based Zain Group and was instructed in April by Bahrain’s telecoms regulator to sell 15% of its shares and list before the end of 2013. Such a sale would mean Zain Group’s holding would drop to below 50%.
A source told Reuters that Zain Bahrain has now applied to the Ministry of Industry and Commerce for approval to become a public company.
Zain Bahrain saw net earnings of $14.3m last year, down 15.7% from 2012. The company expects a $100m network upgrade, which started in 2013, to drive a surge in revenue.