SILAH Gulf, a leading customer experience (CX) and business process outsourcing (BPO) provider, officially commenced its initial public offering (IPO) subscription period yesterday.
The company, a flagship portfolio member of Bahrain’s sovereign wealth fund Mumtalakat, is seeking to raise BD2.9 million through the offering of 16,359,429 new shares. The shares are priced at BD0.176 each, representing 30 per cent of the company’s total issued share capital post-IPO. The subscription window is open to all eligible Bahraini and non-Bahraini investors, including GCC residents, and will run until Monday, January 19, 2026.
Addressing a Press conference at the Bahrain Bourse, Silah Gulf chief executive officer Feras Ahmed described the IPO as a definitive milestone in the company’s 15-year journey. “This offering positions us to accelerate our expansion, strengthen our regional footprint, and advance our long-term strategy,” Mr Ahmed said. “We will continue to explore opportunities that enhance our capabilities and deliver value to our shareholders.”
The proceeds from the IPO are earmarked for Silah’s ambitious regional expansion. The company intends to invest heavily in technology and operational capabilities while exploring inorganic growth opportunities to broaden its presence across Saudi Arabia and Kuwait.
From left, Mr Abdin, Mr Al Qaed, Mr Ahmed and Mr Gadallah at the event
SICO, acting as the mandated lead manager, highlighted the listing as a sign of a robust local economy. SICO head of investment banking Ayman Gadallah provided further insight into the company’s financial health, noting that in 2024, Silah Gulf achieved a net profit of BD600,000, up from approximately BD500,000 the previous year. This was underpinned by a 13 per cent increase in revenue, which reached BD7.2m in 2024.
“That momentum has accelerated into 2025; in the first half of the year alone, the company recorded BD4.2m in revenue, representing 15 per cent year-on-year growth, while profitability rose by 10 per cent over the same period,” Mr Gadallah added. “With a price-earnings ratio of 18, Silah Gulf offers a compelling investment opportunity.”
Mr Gadallah further emphasised that Silah’s move to the public markets underscores the strength of Bahrain’s capital market infrastructure, noting that as the lead manager, SICO remains fully committed to ensuring a smooth, transparent, and efficient IPO process.
The IPO is structured to accommodate two tiers of investors. Professional investors are allocated 70 per cent of the shares for applications over 568,182 shares, while retail investors are allocated the remaining 30 per cent of the shares for applications under 568,182 shares.
Interested investors can apply through the eIPO portal at eipo.bahrainbourse.com or in person at designated branches of the Bank of Bahrain and Kuwait (BBK), including the Main Branch, Souq Al Baraha, Exhibition Financial Mall, and Atrium Mall.
Trading is expected to commence on the Bahrain Bourse on February 3, 2026, under the ticker symbol SILAH. Applicants allotted shares will be eligible for any dividends declared for the financial year ending December 31, 2025. Established in 2009, Silah Gulf currently employs over 900 multilingual professionals and has built a reputation as a regional powerhouse in the CX sector, serving the government, banking, and telecom industries.
Silah Gulf chairman Mohammed Ali Al Qaed and Bahrain Clear chief operating officer Abdulla Abdin also addressed the Press conference.
avinash@gdnmedia.bh
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