IPO hailed as a success

2 Jun 2008

The initial public offer of shares in Kenya’s Safaricom was oversubscribed by 532% according to the country’s finance minister, Amos Kimunya. The issue has raised KES51.75 billion (USD833 million). Around one-fifth of the ten billion shares on offer went to foreign investors. The government has sold off a 25% stake in Safaricom, which is Kenya’s largest cellco by subscribers, leaving it with a 35% interest; the remainder is held by Vodafone Kenya, which is itself majority owned by the UK’s Vodafone Group. The IPO had been postponed when violence erupted at the end of last year following disputed parliamentary elections.

Kenya, Safaricom