Telkom IPO hoped to raise USD793 million for government coffers

30 Jan 2003

The South African government is hoping to raise up to USD793 million through the sale of a stake in the country’s biggest telco Telkom SA on 25 February. Telkom will initially offer 139.3 million shares, or 25% of the company, at between ZAR33.5 and ZAR40.9 per share, rising to 167.1 million shares (30%) if demand is high. The government postponed the sale last year following a slump in share prices but is keen to show its commitment to asset sales in the face of union opposition.