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.

The offer failed to raise the targeted amount because the Ethiopian diaspora and institutional investors weren’t allowed to bid in the ...