Monday, June 09, 2008

Safaricom - IPO

Kenya's Safaricom soars on debut

Shares in mobile phone company Safaricom soared 50% on their first day of trading after Kenya's biggest ever stock market flotation.

The stock rose to 7.5 Kenyan shillings (60p) from a sale price of 5 shillings in trade on the Nairobi Stock Exchange.

The Kenyan government should raise about $833m (£422m) from the sale of a 25% stake in the company.

The sale of 10 billion shares gave millions of working Kenyans a chance to own shares for the first time.

Foreign investors were required to pay 5.5 shillings, 10% more than the price offered to Kenyans.

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