Emtel places 25% of its capital on the Stock Exchange
It was on May 29 that theInitial Public Offering (IPO) of the telecom operator Emtel has been launched. This listing on the first market of the Mauritius Stock Exchange runs until June 21 (2:30 p.m.). A total of 113.85 million ordinary shares are being offered to the public at a price of 23 rupees (approximately 0.47 euros) per unit, representing a total amount of approximately 2.6 billion rupees (approximately 53 million euros). ). This represents 25% of Emtel’s capital, with the Currimjee Group holding 60% post-IPO and its Indian partner Bharti Airtel 15%. The latter is the leading mobile telephone operator in India and was able to allow Emtel to benefit from its expertise after the exit of the capital of the Swedish Millicom International Cellular (MIC) which had played a decisive role in the creation of Emtel. In 1986, the visionary Bashir Currimjee approached MIC and, in 1989, Emtel became the first mobile telephone operator in the Southern Hemisphere. Now aged 81, Bashir Currimjee, who still sits on the board of directors of the Currimjee family group, insisted on remaining Chairman non-executive of Emtel. He is strongly attached to his “baby” and it is no coincidence that the telecom operator’s IPO took place on May 29, 2024. It was exactly his birthday (35 years old). .
The pioneering spirit of this company has continued and is combined with its appetite for innovation. In mobile telephony, it holds a 44.5% market share and has no shortage of projects for its future, in both telephony and the Internet. It is also part of the consortium which financed the METISS submarine cable. All of these elements make it a good stock market investment, especially since the sale price of the share has been reduced by 13% compared to KPMG’s valuation. Let us add that the company is rather generous in paying dividends. It announced in its last financial year, as in the next, a total of 700 million rupees (around 14.3 million euros) in dividends, or 1.54 rupees per share. A profitability of 6.7%. But it is above all the future capital gain that should appeal to investors and stock marketers.
