Kenya begins Safaricom IPO process

4 Jul 2007

The Kenyan government has begun the process of selling a 25% stake in the country’s largest cellular operator, Safaricom. Authorities are seeking an adviser to handle the initial public offering (IPO) of a 25% stake in the cellco. A newspaper advertisement stated: ‘The government wishes to offer to the public 25% of Safaricom shares through an IPO on the Nairobi Stock Exchange under the ongoing privatisation programme.’ The state currently owns 60% of Safricom, with 35% held by Vodafone of the UK and the remaining 5% owned by local investment group Mobitelea Ventures. The cellco had more than six million subscribers and a 72% market share at the end of March, according to TeleGeography’s GlobalComms database.

Kenya, Safaricom