Somtel, the telecom and technology service provider with the widest network coverage in the Somali region, has set the issue price for the shares at its initial public offering (IPO) at $100 per share.
Somtel has a long track record of providing high-quality and reliable telecommunication services by investing in superior communication infrastructure and harnessing the capabilities of the Somali people. The company now offers voice, data, and digital services to retail customers as well as enterprise solutions to corporate and public sector customers.
Dahabshiil Group Chairman, Hajji Mohamed Said Duale, Speaking at the launch ceremony, said, “We are pleased with the high demand for our shares – evidence that investors are as excited about Somtel’s future as we are.”
Abdirashid Duale, Dahabshiil Group CEO, added, “The IPO marks another landmark for our company. With its ever-growing portfolio of ground-breaking services, and with this injection of capital, Somtel is well-positioned to take advantage of new opportunities in the telecoms sector in the Horn of Africa, enhancing the lives of millions of customers whilst enabling businesses to achieve their full potential in a new digital future. Somtel will also, of course, be generating many more jobs.”
This capital raise means Somtel is now a truly regional player and a considerable step ahead of its competitors. Furthermore, with the growth potential in the market and the company’s focus on operational efficiency, simplification, and delivering value for its customers, management is optimistic about being able to deliver significant returns for its shareholders.