Iraq's Asiacell, a unit of Qatar Telecom, said it planned to raise at least $1.35 billion by floating 25 percent of its share capital on the Baghdad stock market, in what would be the country's largest initial public offer of equity.
The offer, the first major IPO in Iraq since a U.S.-led invasion toppled Saddam Hussein in 2003, will test investor confidence in an economy that is struggling to recover from years of war, political instability and financial sanctions.
Mobile telephone operator Asiacell, in which Qtel owns 54 percent, will sell 67.503 billion shares at a price of at least 22 Iraqi dinars ($0.02) per share in the offer, which starts on Jan. 3, it said in a statement on Tuesday.
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