Asiacell Communication's $1.28bn initial public offering is set to be the Middle East's biggest since 2008, after the deal's lead bookrunner said it is fully subscribed ahead of Friday's close.

A subsidiary of Qatar Telecom, Asiacell will list 25% of its share capital on February 3, becoming the first telecommunications company to list shares on the Iraq Stock Exchange. With a current market capitalization of about $4.5bn and daily revenue of about $2m, the ISX is one of the smallest markets in the region, of which Asiacell will account for about 30%.