Emtel’s $222 million IPO values ​​telco as Mauritius’ fifth-largest

(Bloomberg) — Emtel Ltd. has priced its initial share sale valuing the Mauritius telecom company at 10.46 billion rupees ($222 million), people with knowledge of the matter said.

The company is offering shares at Rs 23 apiece, its management told analysts, stockbrokers and fund managers on Friday, said the people who attended the briefing, asking not to be identified ahead of a public announcement.

Emtel will debut on the main board of the Mauritius Stock Exchange on July 5 as the fifth largest company.

Emtel could not immediately comment when contacted outside of business hours.

Shareholders sell only a quarter of the issued share capital, that is, about 113.85 million shares. Currimjee Jeewanjee and Co., a family business with four generations of presence in Mauritius, owns a 75% stake with the remainder held by private equity firm Indian Continent Investment Ltd.

The offering opens on May 29 and runs until June 21 and will target institutional and retail investors in Mauritius and “selective distribution to regional and international funds” outside the US, according to the filing.

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