Results of the initial public offering of Emtel

Following the announcement by Emtel Limited on 29 May 2024 relating to the publication of the Prospectus in respect of the initial public offering of 113,850,000 ordinary shares at a price per share of MUR 23.00 and receipt of approval from the regulators, the Company today announces the successful outcome of the Offer.

Highlights of the Results of the Offer:

Offer

The Offer:
• opened on 29 May 2024 and closed on 21 June 2024.
• was effected by way of an offer for sale of 113,850,000 existing ordinary shares of the Company at an offer price of MUR 23.00 per share (the “Offer Price”) by the existing shareholders (the “Selling Shareholders”).
• attracted a diverse and wide investor base of 4,273 both institutional and retail investors and was fully subscribed

Allotment

Allotment:
The Board of Directors of the Company has decided to allot the Offer Shares as follows:

No. of shares applied for

Allotment

Up to 15,000,000

100%

Above 15,000,000

15,000,000 shares

97.4373% of shares

in excess of 15,000,000 shares

Listing

Listing on SEM and expected market capitalisation:
• The Company will be admitted on the Official List of the SEM as from 5 July 2024, and on the basis of the Offer Price, the market capitalisation of Emtel upon listing is expected to be approximately MUR 10.5 billion, ranking the Company amongst the five largest listed stocks (as measured by market capitalisation) quoted on the SEM.
• The Selling Shareholders have agreed to a customary lock-in period of 6 months in relation to their remaining shares in the Company.
• The listing and first day of trading will take place on 05 July 2024.
• On the first day of trading, the Company will make available to the market 1,000 ordinary shares at an indicative price of MUR 23.00 per share.