Silah Gulf Opens $7.7 Million IPO Backed by Mumtalakat

Silah Gulf, which forms part of the investment portfolio of Bahrain Mumtalakat Holding Company, the Kingdom of Bahrain’s sovereign wealth fund, has officially opened subscriptions for its initial public offering, targeting proceeds of approximately BD2.9 million, equivalent to about $7.7 million.

Regional Presence and Core Business

Recognised as a prominent provider of customer experience and business process outsourcing services, Silah Gulf operates across key Gulf markets including Bahrain, Saudi Arabia and Kuwait, supporting organisations with scalable and technology-driven service solutions.

Share Offering and Subscription Timeline

Under the IPO, the company is issuing 16.36 million newly created shares, which will account for 30% of its total issued share capital following the listing. The shares are priced at 0.176 Bahraini dinars each, with the subscription window remaining open until January 19, 2026, according to the company’s announcement.

Investor Eligibility and Allocation Structure

The share sale is open to qualified retail and professional investors, including participants from outside Bahrain. As part of the allocation framework, professional investors will receive the majority share at 70% of the total offering, while the remaining 30% will be reserved for retail investors.

CEO Feras Ahmed said: “As we enter the subscription phase of our IPO, this important milestone marks a significant step forward in Silah Gulf’s growth journey.”

“This offering positions us to accelerate our expansion, strengthen our regional footprint, and advance our long-term strategy. We will continue to explore opportunities that enhance our capabilities and deliver value to our shareholders,” he stated.

“Proceeds from the IPO will be used to invest in technology, strengthen operational capabilities and explore inorganic growth opportunities,” he added.

Company Background and Service Portfolio

Established in 2009, Silah has grown into a significant regional player, employing more than 900 professionals across the Gulf. Its service offering spans contact centre management, outsourcing solutions, professional training, consultancy services and advanced technology-enabled platforms.

Following the completion of the offering, Silah Gulf’s shares are scheduled to commence trading on the Bahrain Bourse on February 3, 2026, where they will be listed under the ticker symbol “SILAH.”

Advisory and Banking Partners

The IPO is being led by SICO, a well-established regional asset manager and investment bank, which is acting as lead manager, listing agent, price stabilisation manager and liquidity provider. Bank of Bahrain and Kuwait has been appointed as the underwriter and receiving bank for the offering.

“Silah Gulf presents an investment opportunity supported by operational fundamentals and a clear, forward-looking expansion strategy,” remarked Ayman Gadallah, the 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,” he added.