One would have to travel far and wide to find an initial public offering more embarrassing than that of Vodacom in Tanzania, which has been extended for a second time; the latest extension coming almost two months after it closed.
To understand the mediocre handling of the sale, it is important to look into its background. The product of an administrative fiat that telcos cede a quarter of their ownership to locals through the Dar es Salaam Stock Exchange, the IPO appeared rushed as the issuer – a subsidiary of South Africa’s Vodacom Group and by extension UK’s Vodacom – sought the potential benefits of early compliance.
