Starcomms, First Telecoms Operator To List On NSE

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Starcomms, Nigeria's privately-owned CDMA network operator, has become the first telecoms company to list on the Nigerian Stock Exchange (NSE). The company sold 135.4mn shares through 660 deals, valuing it at NGN1.94bn (US$1.67bn). Starcomms' decision to list on the NSE stemmed from allowing Nigerians to own part of the business but also to raise funds to be reinvested into its network. The operator covers 95% of the population in the 17 Nigerian cities it currently offers services in and will expand its network coverage to a further 30 cities before the end of the year through the establishment of a number of additional base stations. To date, Starcomms has already spent US$150mn on infrastructural deployments and has earmarked US$50mn for the expansion to the other 30 cities, while also upgrading its 1x EV-DO Rev A technology.