South Africans were the only eligible investors from the continent to apply for shares when Indian Ocean telecoms giant Emtel went public on the Stock Exchange of Mauritius (SEM) yesterday.

The Mauritians and United Kingdom-based investors joined South Africans as the other potential investors permitted to grab the floated 25% of Emtel shares.

Emtel's initial public offering (IPO) presents an opportunity for investors to participate in the future growth of a leading telco player in the Indian Ocean.

Priced at MUR 23.00 per share, the offer that opened yesterday will close on June 22.

Emtel CEO Kresh Goomany hailed the opening up of the investment to South African, UK and Mauritian investors as another major milestone in the growth of the telecoms giant.

“By going public, Emtel positions itself not only as a leader in the telecommunications sector but also as a catalyst for innovation and economic growth. 

"This IPO is an exceptional opportunity for investors to become partners in our bold vision and limitless ambition. Together, we will propel Emtel to new heights, connecting Mauritius and its regions to the rest of the world with unparalleled excellence,” he said.

The announcement of allocation results is scheduled for 3 July 2024, with admission to the official list and the beginning of trading on the SEM occurring two days later.

Emtel chairman Bashirali Currimjee also hyped the value of investing in the network provider when he said that over the last 35 years; the telco has pioneered innovation in the Mauritian ICT sector.