Kenya confirms Safaricom IPO

20 Jun 2007

The Kenyan government has confirmed that it plans to go ahead with the sale of a 30% stake in Safaricom, the country’s largest cellular operator, by the end of this year. The government hopes to raise around KES40 billion (USD600 million) via an initial public offering (IPO) on the Nairobi Stock Exchange. The state currently owns 60% of Safaricom, with 35% held by Vodafone of the UK and the remaining 5% owned by Kenyan investment group Mobitelea Ventures. Safaricom had more than six million subscribers and a 72% market share at the end of March, according to TeleGeography’s GlobalComms database.

Kenya, Safaricom