XOF 29 Billion Raised from Onatel IPO

Burkina Faso has raised XOF 29 billion from the sale of 20 percent of telecoms operator Onatel through an initial public offering of shares. The shares in Onatel, which is 51 percent owned by 

Maroc Telecom, will be listed on the West Africa franc zone regional BRVM bourse based in neighbouring Ivory Coast by 1 May, Alexis Lourgo, MD of lead manager SBIF, told Reuters. 

Investors in Onatel include Burkinabe individuals and companies, and the International Finance Corporation (IFC), the private sector arm of the World Bank.

The Burkinabe state is the biggest shareholder in the firm, retaining 20 percent after Maroc Telecom.