MANAMA – Zain Bahrain has announced the results of its initial public offering (IPO) of shares, saying thata some 16,714,903 shares amounting to 34.8 percent of the offering would be allotted to retail and institutional investors, with all subscribers getting the number of shares they had applied for. The remaining 31,285,097 shares or 65.2 percent will go to the underwriter, Gulf Daily reported. The IPO comprised 48 million shares or 15 percent of issued shares prior at a price of BHD 0.190.

The IPO was initially supposed to close on 16 September but was extended till Sept. 30. It was open to Bahraini institutional and retail investors as well as GCC institutional investors.

Based on the IPO price, the company is valued at BHD 60.8 million. A coverage initiation report by Mubasher Financial Services on 29 September said the IPO price was at a discount to fair value. Mubasher said it values Zain Bahrain at BHD 88.2 million or BHD 0.240 per share, implying a 26 percent upside to the IPO price. — Agencies