Iraqi telecom Asiacell hopes to raise $1.3 billion

(AP) One of Iraq's three telecommunications providers is looking to raise $1.3 billion through what is likely to be the country's biggest stock offering yet.

Asiacell said on Tuesday it plans to offer 67.5 billion shares for at least 22 Iraqi dinars, or just under 2 cents, apiece when it launches the initial public offering beginning next month.

The shares being offered represent a quarter of Asiacell's total share capital. The Gulf state of Qatar's Qatar Telecom owns 53.9 percent of the company.

The Iraq Stock Exchange announced the upcoming IPO earlier this month. Tuesday's statement offered the first pricing details for the share floatation.

Asiacell competes against Zain Iraq, part of Kuwait's Zain, and Korek, an affiliate of France Telecom.