Zain Bahrain has announced Bahrain’s first initial public offering (IPO) since 2010, The kingdom’s second licensed full service telecommunications operator said that it is offering 48,000,000 shares (48 million) equivalent to 15% of issued share capital at a price of 190 fils starting September 2, Gulf Daily News reported. The offering closes on September 16 and the results of subscription and allotment basis will be announced on September 18. The IPO is open to Bahraini institutional and retail investors as well as GCC institutional investors. The current issued share capital of Zain Bahrain is BD32,000,000 divided into 32,000,000 shares of BD1 each. After its conversion into a public joint stock company, the fully paid share capital will be BD36,800,000 divided into 368,000,000 shares with face value of 100 fils. The offering price, therefore, represents a premium of 90 fils per share, that is, 90pc of face value. Based on the IPO price, the company is valued at $161,273,207.82 (BD60,800,000).