Telkom South Africa, the telecoms operator, has raised R3.9bn (€447m) from its long-awaited initial public offering after cutting its price by 25% on Monday.

The deal was led by Deutsche Bank and JP Morgan with six underwriting banks. It was priced at R28 per share after cutting the indicative price range from between R33.5 and R40.9 to R27 to R30.

Yasmine Chinwala

Telkom South Africa

China Telecom

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Telkom South Africa IPO raises €447m

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