Ethiopia’s state-owned Ethio Telecom records lackluster IPO

Ethio Telecoms sells just 10.7% of shares in IPO

Ethiopia's state-owned Ethio Telecom sold only 10.7% of the shares in its initial public offering in which the government sought to trim its equity in the firm.

Ethiopia’s state-owned Ethio Telecom records lackluster IPO

The NewsEthiopia’s state-owned Ethio Telecom sold only 10.7% of shares in its initial public offering aimed at boosting investment in the country’s struggling economy.The mobile operator raised 3.2 billion Ethiopian birr ($24.5 million) from the 47,377 investors who took part in the IPO, a small fraction of the $240 million it had hoped to drum up, despite extending the deadline.Ethio Telecom now says it will look at a second round of sales aime…

Ethio Telecom IPO falls short of initial target

The Ethiopian government sold 10 per cent shares on offer in state-owned telecoms operator Ethio Telecom, raising around $24 million in a listing that was open for more than four months. In a statement, the company explained the nation’s Ethiopia Investment Holdings sold 10.7 million shares for ETB300 ($2.25) each, falling short of the company’s initial target of selling 100 million shares for ETB30 billion. There were signs that the initial tar…

Investors rejected the Ethio Telecom shares proposed as part of an initial public offer (IPO) due to the local investment rules in Ethiopia. The state telecommunications company decided to take stock by offering 100 million shares, but only sold 10.7 million shares. According to the general manager of the Ethio Telecom...

Ethiopia’s $24 Million IPO Falls Short as Ethio Telecom Sells 10% Stake

(The Habesha) – In a surprising turn of events, Ethiopia’s maiden IPO for state-run Ethio Telecom did not meet expectations, raising only 3.2 billion birr ($24 million) after more than four months on offer. The nation managed to sell 10.7 million shares for 300 birr each, a figure far short of the expected sale of 100 million shares intended to bring in 30 billion birr. The restrictions preventing the Ethiopian diaspora and institutional investo…