Ethiopia to Raise $255 Million in African Nation’s Maiden IPO

Ethiopia is seeking to raise 30 billion birr ($255 million) selling shares in a state-run wireless company, making it the nation’s first initial public offering, and paving the way to start a stock exchange.

Ethiopia Investment Holdings, which controls 27 state-run companies, will sell 100 million shares in Ethio Telecom, Brook Taye, chief executive officer of the company, said at a briefing in Addis Ababa on Wednesday. The nation’s biggest mobile-phone service provider has 78.3 million customers, according to its website.

Prime Minister Abiy Ahmed’s administration earlier this year ended half a century of control of its currency ...