Vodacom Tanzania says it has sold all the 560 million shares on offer in its initial public offer, with 40 percent bought by international investors.
The offer raised 476 billion Tanzanian shillings ($213 million) as planned, as the deadline had been extended twice and foreign investors were later allowed to participate after local buyers failed to take up all the shares on offer.
According to Reuters, the IPO was Tanzania’s biggest ever having attracted over 40,000 local investors, most of whom were first-time participants in the Dar es Salaam Stock Exchange. Listing on the local exchange will be on Aug. 15.
The IPO was part of government-imposed rules on all telecoms companies to list part of their equity locally and foreigners were initially banned from participating in the share sale.
