Ethio Telecom lists on Ethiopian Securities Exchange, confirms 96% of applicants as investors

Ethiopia-owned operator Ethio Telecom has officially listed on the Ethiopian Securities Exchange (ESX), becoming the fourth company and the first non-financial institution to list shares on the trading platform.

With years of operation under exclusive government ownership, the listing means that Ethio Telecom has become the first state-owned enterprise to be listed on the ESX by partially opening its ownership to the public.

The operator’s presence on ESX is expected to propel Ethiopia’s capital market ecosystem. Ethio Telecom reportedly spent about 11 months undertaking preparatory work in alignment with the commercial code and directives issued by the Ethiopian Capital Market Authority (ECMA).

Of all 47,377 Ethiopian investors who participated in the company’s share sale, 96% (45,000 shareholders) were confirmed and fully integrated as stakeholders, ready to begin trading Ethio Telecom’s shares on the ESX.

Reacting to the confirmation, Ethio Telecom CEO Frehiwot Tamiru explained that the shareholders’ verification process was essential for reviewing investors’ profiles before seeking regulatory approval. Upon the process, the Capital Market Authority approved the allocation of shares. 

Tamru added that a small percentage of buyers encountered issues during the verification stage, with about 3.4% of buyers (1,646 individuals) yet to be approved because they failed to provide their national ID numbers. She noted that they will be granted stakeholder status as soon as they submit their valid National ID (Fayda) numbers.

Also, a total of 248 applicants were disqualified because they are not Ethiopian citizens. In that case, Tamru noted that their initial payments will be fully refunded. 

Also Read: Ethio Telecom projects 45.4% growth in earnings for 2025/26 fiscal year.

Ethio Telecom’s IPO

Before this listing, Ethio Telecom had floated 100 million ordinary shares (10% stake in the company) in an initial public offering (IPO) that closed in April 2025. 

During the process, the company offered 100 million ordinary shares to the public at 300 Birr per share. The shares were available for purchase through the company’s mobile money platform, telebirr. 

Although participation was restricted exclusively to Ethiopian citizens, investors were required to buy a minimum of 33 shares (9,900 Birr) and were capped at a maximum of 3,333 shares.

The public campaign successfully sold 10.7 million ordinary shares, generating nearly $20 million (3.2 billion Birr) out of the projected $186 million (30 billion Birr) target, leaving the remaining 89.3 million shares unsold.

With the verification of the initial shareholders, Ethio Telecom’s presence on the Ethiopian Securities Exchange (ESX) opens up secondary market trading for buyers to buy, sell, or transfer their shares.

The IPO and the new market debut mark a historic milestone for Ethiopia’s financial sector, with an increase in overall trading volume and blistering revenue.