Rs 10.5 Billion Mega Listing: Emtel Takes the Leap

Emtel Limited announced on May 29th that it has launched an initial public offering (IPO) of 113,850,000 ordinary shares, priced at Rs 23 per share. The public offer, which opened on May 29th and closed on June 21st, attracted a diverse and extensive base of investors comprising 4,273 institutional and individual investors. The offer has fully been subscribed.

In a statement, Bashirali Currimjee, the President of Emtel, expressed his excitement about the company’s historic milestone.

“As the first telecommunications company to be listed on the Stock Exchange of Mauritius and one of the main companies in Mauritius, we are proud to join a prestigious list of listed companies.

We have received interest from a wide range of investors, including government and parastatal organizations, non-governmental organizations, and individuals. We are thrilled,” he said.

EMTEL will be admitted to the official list of the Stock Exchange of Mauritius from July 5th, 2024.

Based on the offer price, Emtel’s market capitalization at listing is expected to be approximately Rs 10.5 billion, ranking it among the top five largest listed companies.

On its first day of trading, the company will list 1 million ordinary shares at an indicative price of Rs 23 per share.

Source: Defi Media