DAR ES SALAAM LISTING
Vodacom’s Tanzanian unit raises $213m
Vodacom’s initial public offering for its Tanzanian unit had raised $213m, the mobile network operators said on Thursday.
The offer, which closed on July 28, attracted interest from international investors and more than 40,000 locals, most of whom were first-time participants on the Dar es Salaam Stock Exchange, said Vodacom.
Having raised 476-billion Tanzanian shillings ($212.5m), "the listing will be the largest in the bourse’s 19-year history", said Vodacom.
Vodacom Tanzania MD Ian Ferrao said that it remained "squarely focused on ensuring the success of the [initial public offering], a landmark transaction for the Dar es Salaam Stock Exchange, the people of Tanzania and the economy".
The company is expected to list on Monday. It comes after the government called for the mandatory listing of at least 25% of their share capital.
Other mobile network operators that are expected to list are India’s Bharti Airtel and Luxembourg-based Millicom International Cellular.
Vodacom has 12.6-million subscribers in Tanzania, with average revenue per user of R35 a month. The unit reported a better performance in the three months to June.
On Monday, Vodacom said it had concluded the acquisition of a 35% shareholding in Kenyan-based mobile network operator Safaricom for R35bn.