Silah Gulf Announces Provisional Results and Allotment Basis of its Initial Public Offering
SICO BSC (c), a leading regional asset manager, broker, and investment bank, with direct presencein Bahrain, Saudi Arabia, and the UAE, announced today the successful closing of the BHD 2.9million initial public offering (“IPO”) of Silah Gulf (Silah), which was significantly subcribed 4.0 times.These results reflect the provisional reconciliation of the data related to the application formsreceived following the subscription period which ran from 29 December 2025 to 26 January 2026.
The transaction comprised an offering of 16,359,429 new shares at BHD 0.176 per share,representing 30% of the Company’s total issued share capital post-IPO. The IPO was structured with70% of the shares on offer allocated to professional investors (those applying for minimum of568,182 shares), while 30% of the shares were allocated to retail investors (those applying for lessthan 568,182 shares).
The IPO generated total demand of 64.9 million shares or BD 11.4 million between both theprofessional and retail tranches, resulting in a total subscription of 4.0 times. Retail and professionalapplicants will be allotted shares in accordance with the allotment basis set out in the Prospectus.
Feras Ahmed, CEO of Silah Gulf, commented, “The over-subscription of our IPO marks atransformative step in Silah Gulf’s 15-year growth journey. We are grateful for the trust our newshareholders have placed in us as we prepare to accelerate our regional footprint and driveinnovation to meet growing demand across Bahrain, Saudi Arabia, and the wider GCC.”
Najla Al Shirawi, Group CEO of SICO, stated, “The strong demand seen during Silah Gulf’s IPOreflects strong investor confidence in the Company’s solid operational fundamentals and itsspecialised position within the GCC’s business process outsourcing and customer experiencesectors. We are proud of the successful completion of the IPO, made possible by the dedicatedefforts of BBK, the underwriter of the offering, Silah Gulf’s management team, and SICO’sinvestment banking team. We also extend our sincere appreciation to all IPO subscribers, as well as to the Central Bank of Bahrain, Bahrain Bourse, and Bahrain Clear for their continued supportand guidance.”
Allotment notices will be emailed to investors and will also be available for collection from BahrainClear starting from 1 February and any refunds will be distributed on 4 February. On 10 February2026, the Company’s shares are expected to be listed and commence trading on the BahrainBourse under the ticker symbol SILAH.
All applicants allocated shares in the IPO are eligible to trade by opening an account with a BahrainBourse registered broker. Furthermore, applicants allotted shares will be eligible to participate in anydividends declared for the year ending 31 December 2025, as well as any potential bi-annualdividends distributed by the Company thereafter. SICO will provide price stabilization and liquidityprovision services from the start of trading on the Bahrain Bourse.
