Sanday Chongo Kabange, AfricaNews reporter in Lusaka, Zambia
Zain's Zambian subsidiary Celtel Zambia has raised close to $200 million (K665.5 billion) in the country's biggest initial public offering. Celtel Zambia, which sold 20 percent of its shares, for K640 each, climbed to close at K725, according to Lusaka Stock Exchange.
Zain’s Zambian subsidiary Celtel Zambia has raised close to $200 million (K665.5 billion) in the country's biggest initial public offering
Celtel Zambia, which sold 1.04 billion shares, or 20 percent of its stock, for 640 kwacha each, climbed 85 kwacha to close at 725 kwacha, according to Lusaka Stock Exchange data.
Celtel Zambia, the southern African nation's biggest mobile- phone company and a unit of Kuwait-based Zain, attracted applications for more than twice the number of shares offered.
The company has 78 percent of the country's mobile-phone market and plans to increase its subscribers to 2.7 million this year from 1.9 million customers in 2007, according to its pre- listing statement.
The IPO attracted 5,814 new investors, according to the stock exchange. It was the second IPO for an African mobile-phone company this week, following the listing of Kenya's Safaricom Ltd. on the Nairobi Stock Exchange June 9.
