South Africa raises $480m from landmark Telkom IPO

The South African government completed the largest IPO of the year on Tuesday when it sold 25% of telecoms operator Telkom.

  • 07 Mar 2003
Despite having to sell shares well below the original price range, the $480m deal is an impressive achievement in one of the worst years for IPOs in recent memory.

Deutsche Bank and JP Morgan priced the deal on Monday evening at R28, from an initial range of R33.50-R40.90.

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