Zain Group has announced an initial public offering (IPO) of Zain Bahrain that will take place in September. The period for subscription will be from September 2 to September 16. The company stated that the shares will be priced at 0.19 dinars ($0.50) each. The listing is expected to raise over $24 million.
Zain Bahrain will offer 15% of the issued share capital, representing 48 million ordinary shares. The money raised from the offering will be used mainly to upgrade its network infrastructure and to expand its 4G LTE network in the country, the company said.
According to the Bahraini Law, companies intending to offer shares on Bahrain Bourse must be a Bahraini Public Joint Stock Company.
The offering is open to retail investors in Bahrain as well as institutional investors in the Gulf region.