Telkom SA IPO raises USD491 million

4 Mar 2003

Despite yesterday’s price cut, Telkom SA’s IPO proved to be the second largest in the world this year, netting ZAR3.9 billion (USD491 million) for government coffers; 139.3 million shares – or around 25% of the company – were sold. The IPO values Telkom SA at ZAR15.6 billion. The shares rose as much as 4.1% in South Africa yesterday and are due to debut on the New York Stock Exchange today.