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Asiacell Communications IPO Fully Subscribed

Iraqi mobile telecommunications service provider Asiacell Communications PJSC's share sale, one of the biggest initial public offering in the Middle East region in the past year, was fully subscribed.

The company Offered 67.503 billion shares, representing 25% of the company's share capital. The shares offered at a price of 22 Iraqi dinars per share. The company planned to raise about $1.3 billion through the initial public offering.

In December 2012, the company had said the Offer would open for subscription on 3rd January 2013 and would close on 2nd February 2013. The admission of these Shares to the Official List of Securities maintained by the Iraq Securities Commission and to trading on the Iraq Stock Exchange was expected to commence on Sunday 3rd February 2013.

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