Vodacom Tanzania said its initial public offering was oversubscribed. This is coming after the government listed barriers that prevent foreign investors from buying up to 40% stake in a local mobile carrier.
Vodacom Tanzania said 560 million were sold out in the IPO.
It would be recalled that Vodacom Tanzania said it extended the deadline of its initial public offering going on in Tanzania.
The plan was to woo more local investors into the IPO.
Vodacom Tanzania back in February announced that it received the go ahead to list 25% of their shares on the Dar es Salaam Stock Exchange, DSE.
Vodacom said 40% of the shares were bought by international investors. Tanzania has about 40.17 million mobile users.