IPO Doubles Stock Market Size

Morgan Stanley has withdrawn as the lead underwriter for the Asiacell IPO, which is set to take place on the Iraqi bourse. It will be the first major IPO on the Iraqi market since 2003. One interesting fact about the IPO is the large size relative to the Iraqi bourse. The Iraq Stock Exchange has a market capitalization of about $3.4 billion and trades an average of $3 million per day. Asiacell is expected to have a market capitalization of about $4.4 billion on its own.