IPO at Vodafone Iceland

The majority owners of Iceland’s largest alternative telco, Vodafone Iceland, have offloaded a 60% stake via an initial public offering (IPO). The Iceland Enterprise Investment Fund (Framtakssjodur Islands – FSI) has reduced its stake from 79% in a transaction valued at around ISK6.3 billion (USD50 million). The telco is one of the first companies to rejoin the Icelandic stock exchange since its 2008 collapse. According to TeleGeography’s GlobalComms Database, Vodafone claimed 30% of the overall mobile market in Iceland by the end of September 2012 with an estimated 115,000 subscribers. The UK-based Vodafone Group is a partner only and does not hold an equity stake.