APM Terminals Bahrain, the firm operating Bahrain’s only commercial port, is set to offer 18,000,000 shares – equivalent to BD11.88m ($35.89m) – to the public starting 8 November.

The shares to be sold equate to 20 per cent of the company’s total issued share capital. According to the firm's CEO and managing director Mark Hardiman, the initial public offering (IPO) provides an opportunity “to invest in a successful public-private partnership and Bahrain’s only commercial port”.

The sale is open to both Bahraini and non-Bahraini nationals.

The offer shares are priced at BD0.66 per share, equating to a price-to-earnings ratio of 5.7 x 2017’s net earnings of BD10.4m, the firm said in a statement.

APM Terminals Bahrain is the first transport and logistics company in the kingdom to list on the Bahrain Bourse.

Bahrain-based SICO is the lead manager for the IPO. Its CEO, Najla al-Shirawi, said the IPO offers investors “extremely attractive pricing and a dividend yield of 15.5 per cent on the offer price based on dividends paid in 2017”.

The  IPO will commence on 8 November and will remain open until 24 November.

APM Terminals Bahrain is a joint venture of the Netherlands-based ports operator (80 per cent) and local firm Yba Kanoo Holdings (20 per cent). It began operating the Khalifa Bin Salman Port in 2009.