Vodacom Tanzania Given IPO Extension By Regulators

Tanzania's regulators have given Vodacom Tanzania their requested three-week extension for their Initial Public Offering (IPO).

Earlier in 2017 the telecommunications company had received approval to list on the Dar es Salaam Stock Exchange with he IPO looking to raise 476 billion shillings ($212 million).

The IPO on the Dar Es Salaam Stock Exchange was initially set for 6 March 2017 according to Tanzania's Capital Markets and Securities Authority.

All this changed when in April 2017 it requested an extension for the IPO date because it was undersubscribed.

The new IPO expiry date is now 11 May 2017, with the final listing now expected by 6 June 2017.

"Vodacom Tanzania expects a continued influx of applications for shares during the course of this week," said Ian Ferrao, MD of Vodacom Tanzania.

Ferrao added that the extension would give retail and institutional investors more time to take part.

The listing is expected to be the largest in Tanzania, with the company looking to sell 560 million shares at 850 shillings each.

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