Safaricom launches IPO (Kenya)
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Kenya-based telecom service provider Safaricom launched its 10 billion share (at KES5 each) IPO in Rwanda from March 28 to April 23, 2008. Of the issued shares, 65 per cent were open to East African citizens while the remaining 35 per cent were to be sold to institutional foreign investors.
Dyer & Blair and Morgan Stanley were the advisers to the IPO. The Kenyan government, which held 60 per cent stake in Safaricom, offered 25 per cent of Safaricom equity in the IPO, leaving it with a minority stake of 35 per cent.
Vodafone Kenya, a subsidiary of the UKbased parent company, holds 40 per cent stake. The IPO is expected to be oversubscribed, although no figures have been released yet. The government is expecting to raise KES50 billion ($806 million) from the IPO, which it plans to use for development programmes across the country.
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