SICO BSC (c), a leading regional asset manager, broker, and investment bank, with direct presence in Bahrain, Saudi Arabia, and the UAE, announced today the successful closing of the BHD 2.9 million 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 forms received 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 with 70% of the shares on offer allocated to professional investors (those applying for minimum of 568,182 shares), while 30% of the shares were allocated to retail investors (those applying for less than 568,182 shares).

The IPO generated total demand of 64.9 million shares or BD 11.4 million between both the professional and retail tranches, resulting in a total subscription of 4.0 times. Retail and professional applicants 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 a transformative step in Silah Gulf’s 15-year growth journey. We are grateful for the trust our new shareholders have placed in us as we prepare to accelerate our regional footprint and drive innovation 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 IPO reflects strong investor confidence in the Company’s solid operational fundamentals and its specialised position within the GCC’s business process outsourcing and customer experience sectors. We are proud of the successful completion of the IPO, made possible by the dedicated efforts of BBK, the underwriter of the offering, Silah Gulf’s management team, and SICO’s investment 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 support and guidance.”

Allotment notices will be emailed to investors and will also be available for collection from Bahrain Clear starting from 1 February and any refunds will be distributed on 4 February. On 10 February 2026, the Company’s shares are expected to be listed and commence trading on the Bahrain Bourse under the ticker symbol SILAH.

All applicants allocated shares in the IPO are eligible to trade by opening an account with a Bahrain Bourse registered broker. Furthermore, applicants allotted shares 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. SICO will provide price stabilization and liquidity provision services from the start of trading on the Bahrain Bourse.

About Silah

Silah Gulf is a premium, multi-award-winning customer experience solutions provider headquartered in the Kingdom of Bahrain since 2009. Silah specializes in contact center services, business process outsourcing (BPO), training, consulting and technology services applying international best practices. Silah has over 15 years in the CX and BPO industry and currently employs over 900 professionals in the region. Silah is a Mumtalakat Holding Company portfolio company.

About SICO SICO is a leading regional asset manager, broker, and investment bank with USD 8.0 bn in assets under management (AUM). Today, SICO operates under a wholesale banking licence from the Central Bank of Bahrain and also oversees two wholly owned subsidiaries: an Abu Dhabi-based brokerage firm, SICO Invest, and a full-fledged capital markets services firm, SICO Capital, based in Saudi Arabia. Headquartered in the Kingdom of Bahrain with a growing regional and international presence, SICO has a well-established track record as a trusted regional bank offering a comprehensive suite of financial solutions, including asset management, brokerage, investment banking, and market making, backed by a robust and experienced research team that provides regional insight and analysis of more than 90 percent of the region’s major equities. Since inception in 1995, SICO has consistently outperformed the market and developed a solid base of institutional clients. Going forward, the bank’s continued growth will be guided by its commitments to strong corporate governance and developing trusting relationships with its clients. The bank will also continue to invest in its information technology capabilities and the human capital of its 150 exceptional employees.

Media Contact:
Ms. Nadeen Oweis
Head of Corporate Communications, SICO
Email: noweis@sicobank.com