Safaricom IPO Soars
Published June 9th, 2008
Shares in mobile phone firm Safaricom soared as much as 60% on their first day of trading after Kenya’s biggest ever stock market flotation.
The stock rose as high as 8 Kenyan shillings ($0.13; £0.06) from a sale price of 5 shillings in trade on the Nairobi Stock Exchange.
The Kenyan government should raise about $833m from the sale of a 25% stake in the company.
The sale was the first chance for many Kenyans to own their own shares.
Foreign investors were required to pay 5.5 shillings, 10% more than the price offered to Kenyans.
Safaricom’s shares ended trading at 7 shillings.
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