Vodacom Tanzania targets record IPO

Vodacom Tanzania’s initial Public Offering (IPO) is on track to be the largest in the 19-year history of the Dar es Salaam Stock Exchange after more than 40,000 Tanzanians have subscribed for shares, the company said on Monday.

Vodacom Tanzania is due to list on the DSE during June 2017, pending final verification by the CMSA.

Vodacom said that due to the sheer volume of applications and the size of the Vodacom Tanzania IPO, it has taken slightly longer than initially anticipated to ensure all applications could be processed and to ensure the creation of new central securities depository (CSD) account numbers for the many first-time investors in the DSE.

NBC, the receiving bank for the IPO, has now concluded with reconciliation of funds and applications with each of the brokers that participated across the Country.

Vodacom Tanzania PLC, through its lead advisor Orbit Securities, submitted the full register of IPO participants to the CMSA, who are now undertaking the task of verifying each of the applications.

“This exercise, given the volumes of applications, may take some additional time and Vodacom Tanzania will only be in a position to announce the final results once the CMSA concludes its verification process,” Vodacom said.

Read: Vodacom profit boosted by 3 million new customers in SA

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Vodacom Tanzania targets record IPO