Vodacom Tanzania says it has completed significant milestones ahead of its initial public offering (IPO) on the Dar es Salaam Stock Exchange which the telco expects to take place 15 August 2017.

The Vodacom Group subsidiary claims to have raised TZS 476 billion in what is tipped to be the largest since the Dar es Salaam Stock Exchange (DSE) was founded 19 years ago.

Ian Ferrao, Managing Director of Vodacom Tanzania says the telecommunications company is proud and excited that many Tanzanians have participated in the offer.

"We also thank investors from outside the country for their support and confidence in our company. We look forward to the public becoming our shareholders and to be part of our vision to lead Tanzania into the digital age so that we change lives through technology. We remain squarely focused on ensuring the success of the IPO, a landmark transaction for the DSE, the people of Tanzania and the economy."

The Capital Markets and Securities Authority, an agency of the government of Tanzania approved the IPO which will make Vodacom Tanzania compliant with its obligations under the Electronic and Postal Communications Act (EPOCA) to list at least 25% of its value.

EPOCA was amended in July to allow international investors to participate in the country's telecommunication sector IPOs.

Vodacom Tanzania says the results of the IPO show that more than 40 000 Tanzanian investors secured 60% of the IPO out of the TZS 476 billion that it managed to raise. Most local investors are first time participants in the DSE, according to the telco.

Vodacom Tanzania also revealed that its shares will trade under the ticker "VODA" on the Main Investment Market Segment (MIMS) of the DSE when the listing is completed.

The company is yet to indicate whether it will challenge the fine imposed on it and six other mobile network operators by the Tanzania Communications Regulatory Authority (TCRA) for alleged failure to comply with SIM card registration.

Vodacom Tanzania Limited will have to fork out TZS 945,000,000 as well as TZS 472,500,000 for repeat offences, according to the terms of the TCRA fine.