Key Figures from Ethio Telecon S.C Prospectus Document

In a historic milestone for Ethiopia’s capital market landscape, the formerly fully state-owned telecom has unveiled 100 million shares to the public in the country’s first initial public offering. During this initial round Ethio Telecom aims to raise 30 billion birr and 100 million ordinary shares, each priced at 300 birr, have been made available for purchase in a highly anticipated event attended by Prime Minister Abiy. Ethiopian citizens and eligible investors can become shareholders by purchasing a minimum of 33 shares (9,900 birr) and up to a maximum of 3,333 shares (999,900 birr). In addition to the share price, buyers will incur a 1.5% service fee and value-added tax. The share sale runs from October 16, 2024, to January 3, 2025. The 130-year-old telecom operator has a market share of 94.5 percent and its profit after tax last fiscal year was 19.01 billion birr Ethio Telecom serves 79 million subscribers and has 47 million mobile money users. It has set an ambitious goal to increase its revenue by 75%, targeting 163.7 billion birr ($1.1 billion) by 2024/25. Last year, the state-owned operator reported 93 billion birr in revenue.