Vodacom Tanzania completed the largest initial public offering (IPO) in the 19-year history of the Dar es Salaam Stock Exchange (DSE), the company announced on Tuesday.
Vodacom Tanzania raised R2.9 billion (TZS 476 billion) becoming the first to comply with recent regulatory changes requiring all of Tanzania's telecoms companies to list at least 25% on the DSE.
According to a statement, the shares are listed on the Main Investment Market Segment of the DSE under the ticker "VODA".
Shares in Vodacom Tanzania closed at TZS 900, almost 6% higher than the TZS 850 listing price. The first official trade was recorded as 1 000 shares at TZS 900 each.
The Vodacom Tanzania IPO attracted interest from more than 40 000 local investors, most of whom are first time participants on the DSE, which Vodacom says will boost local participation in that country's capital markets, adds the statement.
Commenting on the listing, Vodacom Group CEO Shameel Joosub says: "This is a momentous occasion for Vodacom and for Vodacom Tanzania. What is really exciting is the fact that many local investors are first time participants in the DSE so it significantly boosts local participation in the country's capital markets. We are pleased with what we have achieved through this IPO process making Vodacom Tanzania the second most valuable company by market capitalisation listed on the DSE."
The Tanzania listing follows in the wake of the Vodacom Group concluding its largest ever acquisition.
Last week, the company concluded a R35 billion acquisition of a 35% stake in Safaricom, Kenya's leading telecoms company.
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