Zain to IPO in London in Q109

Zain plans to seek a listing on the London Stock Exchange in the first quarter of next year, CEO Saad Al Barrak confirmed this weekend.

Zain is already listed in Kuwait and plans to IPO in London early next year.

Speaking in Kenya at the rebranding of Celtel operations to Zain, Al Barrak said the listing would allow more investors to participate in the operator’s expanding operations.

Zain is currently listed on the Kuwait Stock Exchange and has plans to list its upcoming Ghana operation on the Ghana Stock Exchange in the next two to three years, with Kenya and Nigeria to follow.

Al Barrack was also confident that Zain would reach its targeted revenues of US$7.2 billion for 2008 and EBITDA of US$3 billion.

Consolidated revenues for the first half of 2008 stood at US$3.49 billion while EBITDA for the period came in at US$1.305 billion.