Ethiopia Sells 10% in Its Maiden IPO That Was Open for 121 Days

Ethiopia raised 3.2 billion birr ($24 million) after selling 10% of the shares on offer in its maiden initial public offering that was open for more than four months.

The nation sold 10.7 million shares in state-run Ethio Telecom for 300 birr each, the company said in a statement Friday. Ethiopia Investment Holdings, which controls 40 state-run companies including the telecom firm, planned to sell 100 million shares in a bid to raise 30 billion birr from the sale.