Vodacom Tanzania has completed significant milestones by selling around 560mn shares ahead of its initial public offering (IPO) on the Dar es Salaam Stock Exchange which is expected to take place 15 August 2017
According to the company, it has raised US$210mn from the shares before the IPO.
Vodacom described the IPO is one of the biggest and significant landmark transactions in Tanzania.
Ian Ferrao, managing director of Vodacom Tanzania says the telecommunications company is excited that many Tanzanians have taken part in the IPO proceeding. More than 40,000 local investors, many of them were the first-time participants to invest in the country’s stock market.
Reporting to the press, Ferrao said, “We also thank investors from outside the country for their support and confidence in our company. We look forward to the public becoming our shareholders and to be part of our vision to lead Tanzania into the digital age so that we change lives through technology.”
“We remain squarely focused on ensuring the success of the IPO, a landmark transaction for the DSE, the people of Tanzania and the economy,” he added.
The IPO is an initiative of Tanzanian government’s rules on telecommunication companies in the country to list a portion of their shares. Initially, the foreigners were prohibited from participating in the IPO. In the IPO, Vodacom is required to list at least 25 per cent of its value.
The Capital Markets and Securities Authority in Tanzania has approved the IPO.
