Investors’ appetite for Vodacom IPO demonstrated in the first two days of the IPO was new in the market, according to brokers.
ZanSecurities Chief Executive Officer Raphael Masumbuko said unlike other IPOs many showed up in the first two days and most were fresh stock buyers.
“Some buyers deposited money in our account a day before the IPO was opened… and many came to buy straight. “The IPO sells by itself since Vodacom brand is a household name,” Mr Masumbuko told 'Daily News' in the weekend. “Buyers don’t flick their eyes because of price.
They want to buy…and most of the buyers are fresh investors,” the CEO said. “Infact this is the first IPO I received so many buyers in the first two days….it is exceptional,” Mr Masumbuko said. Orbit Securities Managing Director Juventus Simon said they have received inquiries for IPO across the country from Kigoma, Mwanza, Arusha and Mbeya.
“Some are first share buyers who do not know even the procedures, we need to continue sensitise the market,” Mr Simon, who his firm is sponsoring broker for Vodacom IPO, said. Some brokers said some of the new shared buyers wanted to pay and have their share outright similarly to shoppers at groceries and supermarkets.
Tanzania Securities CEO Joaqium Bonaventure said the reaction is good in the first two days.
Vodacom Tshs 476billion went on sale last Thursday at Tshs 850 a share The telephone market leader offers 560million through IPO.
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