The Ivorian government has confirmed further details of the successful stock market listing of part of its stake in Orange Cote d’Ivoire (Orange CI) last month. The government offloaded a 9.95% interest in the telco, selling 14.99 million shares and raising XOF140.9 billion (USD222 million). It retains a 5% stake.
According to Ecofin, the sale was oversubscribed, with a subscription rate of 132%. Cote d’Ivoire nationals accounted for 94% of shares sold, with the remainder going to investors in the West African Economic and Monetary Union (UEMOA). Institutional investors represented 60% of the total amount raised. TeleGeography’s GlobalComms Database notes that Orange Group of France holds 72.52% of Orange CI.