Bahrain - Silah Gulf (Silah) officially commenced trading on the Bahrain Bourse (BHB) yesterday following a successful Initial Public Offering (IPO) that was four times oversubscribed.

The listing of the local portfolio company of Mumtalakat, Bahrain’s sovereign wealth fund, was marked by a bell-ringing ceremony attended by high-ranking officials, including Central Bank of Bahrain Governor Khalid Humaidan and Mumtalakat chief executive officer Shaikh Abdulla bin Khalifa Al Khalifa.

Trading under the symbol ‘SILAH’, the company joins the mainboard market within the information technology sector. The IPO, which concluded on January 26, saw the offering of 16.3 million shares at 176 fils per share, representing 30 per cent of the company’s share capital.

The offering generated massive interest from both retail and professional investors, with total demand exceeding BD11.4m. Notably, 97pc of subscriptions were processed through Bahrain Clear’s eIPO portal.

Bahrain Bourse chief executive officer Shaikh Khalifa bin Ebrahim Al Khalifa welcomed the listing as a significant step in diversifying the market.

“This listing reflects Silah’s commitment to innovation and growth, while offering investors an opportunity to participate in the success of a leading player within the information technology industry,” he said.

Silah chairman Mohamed AlQaed described the move as a “pivotal milestone” that reinforces investor confidence and supports regional expansion.

“This contributes to strengthening the national economy and enhancing Bahrain’s position as a regional leader in customer experience and digital innovation, aligned with Bahrain Economic Vision 2030,” Mr AlQaed added.

Commenting on the reasons for the listing, Silah Gulf chief executive officer Feras Ahmed said, “This listing serves three strategic purposes: raising capital to fund technology investments and inorganic growth through acquisitions; ensuring the highest standards of transparency and corporate governance; and contributing to the broader goals of Vision 2030. As an integral part of the local economy, we are proud to join Bahrain Bourse and remain grateful to our investors for their trust. We look forward to a successful future for both our shareholders and the company.” 

SICO Group chief executive officer Najla Al Shirawi, representing the lead manager for the IPO, praised the collaboration between stakeholders that led to the successful execution of the transaction.

Silah, a leading customer experience (CX) and business process outsourcing (BPO) provider with operations in Bahrain, Saudi Arabia and Kuwait, becomes the 41st company listed on the exchange.

The stock will trade in the initial listing market for six months before transferring to the regular market.

BBK acted as the underwriter and receiving bank for the IPO.

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