South Africa's Telkom offers 139 million shares for IPO

JOHANNESBURG: In its most important privatisation, South Africa offered yesterday 139.3 million ordinary shares in state-controlled phone utility Telkom – a quarter of the fixed-line and cellphone group – at between 33.50 and 40.90 rand a share. The long-awaited initial public offering (IPO) is expected to rake in 4.7 billion to 6.8 billion rand. 

The price range values Telkom at between 18.4 billion rand and 22.8 billion rand. At their most bullish forecasts, analysts had valued Telkom at 25 billion rand.