Silah Gulf Commences IPO Subscription Period for BHD 2.9 Million IPO
29/12/2025Following the publication of its IPO prospectus on 24 December 2025, Silah Gulf (the “Company” or
“Silah”) (a portfolio company of Bahrain Mumtalakat Holding Company and a leading customer
experience (“CX”) and business process outsourcing (“BPO”) service provider operating in Bahrain,
Saudi Arabia, and Kuwait) announces that today marks the commencement of its Initial Public
Offering (“IPO”) subscription period. The offering comprises 16,359,429 new shares, representing
30% of the Company’s total issued share capital post-IPO, and is open to eligible retail and
professional investors from 29 December 2025 to 19 January 2026 at an offer price of BHD 0.176
per share.
Esablished is 2009, Silah a multi-award-winning customer experience solutions provider that combines over 15 years of operational expertise in the GCC BPO/CX industry with a regional presence. The Company consistently delivers exceptional service by leveraging global best practices and deep operational know-how. Silah's comprehensive specialization includes contact center operations, business process outsourcing, training, consulting, and technology services, all expertly deployed across Bahrain, Saudi Arabia, and Kuwait. With a team of over 900 skilled, multilingual professionals, Silah offers high-quality, technology-enabled CX solutions, maintaining a competitive cost structure to meet the growing regional demand.
The IPO is expected to generate BHD 2.9 million in gross proceeds, which will support Silah Gulf’s regional expansion strategy. The funds will be directed toward investing in technology, strengthening operational capabilities, and exploring inorganic growth opportunities that enhance the Company’s service offering and expand its presence across key regional markets.
“Silah Gulf presents an investment opportunity supported by operational fundamentals and a clear, forward-looking expansion strategy,” said Ayman Gadallah, 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.”
Investors can submit their applications through the eipo portal link available at eipo.bahrainbourse.com or in person through the following participating branches of the Bank of Bahrain and Kuwait (BBK): Main branch, Souq Al Baraha Branch, Exhibition Financial Mall Branch, Atruim Mall Branch. Potentail investors are encouraged to read the IPO prospectus for additional information on the offering and the associated risks. The prospectus is currently available electronically at https://silah.bh/, and www.sicobank.com. Print copies of the prospectus and the application form will also be available at all participanting branches of BBK.
The IPO is structured with 70% of the shares on offer allocated to professional investors (i.e., those applying for over 568,182 shares) while 30% of the shares have been allocated to retail investors (i.e., those applying for less than 568,182 shares).
On 3 February 2026, the Company’s shares will be listed and will trade on the Bahrain Bourse under the ticker symbol SILAH. All applicants that have been allocated shares in the IPO are then eligible to trade by opening an account with a Bahrain Bourse registered broker, if they do not already have one. Furthermore, applicants allotted shares in the IPO will be eligible to participate in any dividends declared for the year ending 31 December 2025, as well as any potential bi-annual dividends distributed by the Company thereafter. The Company has also appointed SICO to provide price stabilization and liquidity provision services from the start of trading on the Bahrain Bourse SICO is acting as the mandated Lead Manager, Listing Agent, Price Stabilizer, and Liquidity Provider for the IPO. BBK serves as the Underwriter and the Receiving Bank. Bahrain Bourse is the Listing Exchange, Trowers & Hamlins and Hassan Radhi & Associates are the Legal Advisors to Silah Gulf, PricewaterhouseCoopers is the Financial Due Diligence Advisor, Ernst & Young – Middle East are the Auditors, and Bahrain Clear serves as the Allotment Agent and Share Registrar.
For the full release in English & Arabic, click here