Somaliland-based Somtel has launched its initial public offering (IPO) and has set the price of its shares at USD100 per share. Somtel provides fixed and mobile telecoms services to private and business customers in Somalia and the autonomous regions of Somaliland and Puntland, while it also owns a stake in the 4,854km Djibouti Africa Regional Express 1 (DARE1) submarine cable. Investors may purchase a minimum of 20 and a maximum of 1,000 shares.
Abdirashid Duale, CEO of Somtel’s UAE-based parent company Dahabshiil Group, said: ‘The IPO marks another landmark for our company. With its ever-growing portfolio of ground-breaking services, and with this injection of capital, Somtel is well-positioned to take advantage of new opportunities in the telecoms sector in the Horn of Africa, enhancing the lives of millions of customers whilst enabling businesses to achieve their full potential in a new digital future. Somtel will also, of course, be generating many more jobs.’