Safaricom IPO expected later this year

22 Jan 2007

The eagerly-awaited initial public offer (IPO) by Kenya’s largest cellular operator Safaricom may go ahead as soon as the middle of this year, local newspaper The EastAfrican reports. Existing shareholders the Kenyan government and Vodacom, which have stakes of 60% and 40% respectively, have reportedly agreed terms for a public share sale. The IPO, in which the government is expected to sell off at least a 25% interest, will be the largest ever held in Kenya; the sale of a 25% stake would raise a minimum of KES30 billion (USD428 million) reports the newspaper.

Kenya, Safaricom