US EditionEthiopia’s $24 Million IPO Falls Short as Ethio Telecom Sells 10% Stake
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Ethiopia’s $24 Million IPO Falls Short as Ethio Telecom Sells 10% Stake
(The Habesha) – In a surprising turn of events, Ethiopia’s maiden IPO for state-run Ethio Telecom did not meet expectations, raising only 3.2 billion birr ($24 million) after more than four months on offer. The nation managed to sell 10.7 million shares for 300 birr each, a figure far short of the expected sale of 100 million shares intended to bring in 30 billion birr. The restrictions preventing the Ethiopian diaspora and institutional investo…
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