Vodacom Tanzania has announced the completion of initial public offering (IPO) on the Dar es Salaam Stock Exchange (DSE) on the set date of Tuesday, 15 August.

The mobile operator says it raised TZS 476 billion for the listing in a move that makes it the first operator in Tanzania to comply with recent regulatory changes requiring all telecommunications companies to list at least 25% on the DSE.

Shameel Joosub, Vodacom Group Chief Executive Officer hailed the listing of Vodacom Tanzania which has been in the country for 17 years on the nearly two decade old DSE.

"This is a momentous occasion for Vodacom and for Vodacom Tanzania. What is really exciting is the fact that many local investors are first time participants in the DSE so it significantly boosts local participation in the country's capital markets. We are pleased with what we have achieved through this IPO process making Vodacom Tanzania the second most valuable company by market capitalisation listed on the DSE."

Vodacom Tanzania is listed on the Main Investment Market Segment (MIMS) of the DSE under the ticker "VODA".

The telco's shares closed nearly 6% higher than the TZS 850 listing price at TZS 900. The first official trade was recorded as 1000 shares at TZS 900 each.

The IPO attracted over 40 000 locals, along with major pension funds. The Tanzania listing comes soon after the Vodacom Group concluded the acquisition of a 35% stake in dominant Kenyan mobile network operator Safaricom for R35 billion.

Appointment of new board chairman

Vodacom Tanzania has also revealed that Tanzanian businessman Ali A. Mufuruki will serve as Chairman of the company's Board of Directors from 1 August 2017.

Mufuruki succeeds Vivek Mathur who resigned from the position ahead of the listing.

Ian Ferrao, Managing Director of Vodacom Tanzania says the company is delighted to welcome Mufuruki to its leadership team.

"He brings with him a wealth of experience and influence from years of service in and out of the Country. His leadership, expertise and natural talents will pave the way for Vodacom to continue to deliver on its vision to lead Tanzania into the digital age and change lives through technology."

Mufuruki, for his part, has indicated that he is pleased to take on the responsibility of Chairman of the Board of Vodacom Tanzania PLC.

"I look forward to facilitating collaborative working relationships with Directors, management and other stakeholder groups in order to deliver on the board's mandate."