Vodacom IPO raises R2.8bn in Tanzania

VODACOM Tanzania, a unit of South Africa’s Vodacom Group, has sold all of the 560 million shares on offer in its stock market flotation, with international investors buying 40% of the shares, the company said.

The deadline for the conclusion of the sale, which raised 476 billion Tanzanian shillings (R2.8bn) as planned, was extended twice, and foreign investors were allowed to participate after local buyers failed to take up all the shares on offer.

Vodacom described the initial public offering, Tanzania’s biggest, as “a significant landmark transaction for the country”, having attracted more than 40 000 local investors, most of whom were first-time participants in the country’s stock market.

A listing on the Dar es Salaam Stock Exchange was tentatively set for August 15, the company said. – Reuters