Bahrain Mumtalakat-backed Silah Gulf opens IPO; plans to raise $7.7m

30/12/2025 04:06 AST

Silah Gulf, a portfolio company of Bahrain Mumtalakat Holding Company, the kingdom's sovereign wealth fund, today (December 29) opened subscriptions for its initial public offering (IPO), aiming to raise about BD2.9 million ($7.7 million).

Also a leading customer experience (CX) and business process outsourcing (BPO) service provider, Silah Gulf has operations across Bahrain, Saudi Arabia and Kuwait.

The company is offering 16.36 million new shares, representing 30% of its issued share capital after the IPO, at an offer price of 0.176 dinars per share. The subscription period will run until January 19, 2026, Silah Gulf said in a statement.

This offering is open to eligible retail and professional investors, including non-Bahraini investors. Professional investors will be allocated 70% of the shares on offer, while retail investors will receive the remaining 30%, it added.

On the key move, CEO Feras Ahmed said: "As we enter the subscription phase of our IPO, this important milestone marks a significant step forward in Silah Gulf's growth journey."

"This offering positions us to accelerate our expansion, strengthen our regional footprint, and advance our long-term strategy. We will continue to explore opportunities that enhance our capabilities and deliver value to our shareholders," he stated.

"Proceeds from the IPO will be used to invest in technology, strengthen operational capabilities and explore inorganic growth opportunities," he added.

A major player in the region, Silah was founded in 2009 and employs more than 900 staff across the Gulf region, offering services including contact centre operations, outsourcing, training, consulting and technology solutions.

The company's shares are expected to list on the Bahrain Bourse on February 3, 2026, trading under the ticker symbol 'SILAH.'

SICO, a leading regional asset manager and investment bank, is acting as the lead manager, listing agent, price stabiliser and liquidity provider for the IPO, while Bank of Bahrain and Kuwait is serving as underwriter and receiving bank.

"Silah Gulf presents an investment opportunity supported by operational fundamentals and a clear, forward-looking expansion strategy," remarked Ayman Gadallah, the Head of Investment Banking at SICO.

"Silah's move to the public markets underscores the strength of Bahrain's capital market infrastructure and the supportive ecosystem that enables companies to list successfully. As the Lead Manager, we remain fully committed to ensuring a smooth, transparent, and efficient IPO process for the company, its investors, and the wider market," he added.

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