TNM anticipates to increase US$18 Mn from IPO (Malawi)Telekom Networks Malawi (TNM) said it is pleased with how its initial public offer (IPO) is progressing, reportedly. Werner Schrijver, CEO, said, So far 7,000 people have applied for the shares since 6 October when the offering began. The last date for investors to apply is 18th October. TNM shares are scheduled to be listed on the Malawi Stock Exchange on 3 November.
The Telco is expecting to raise about MWK2.5 billion (USD18 million) from the IPO of 1.29 billion ordinary shares, which will represent 20% of the company’s issued share capital post-IPO. Recent data reveals that TNM had an estimated 385,000 subscribers by the end of June 2008, compared to market rival Zain’s 964,000. Global Advanced Integrated Networks (GAIN)(Third Mobile operator) is planning to launch services in May 2009.
