Celtel Zambia lists in Zambia's largest IPO

LUSAKA, June 11 (Reuters) - Zambia's largest mobile telepone operator, Celtel Zambia Plc CELZ.LZ, listed on the Lusaka bourse (LuSE) on Wednesday in the southern African country's biggest IPO, valuing the company at $1.17 billion.

The stock gained 13.3 percent to trade as high as 725 Zambian kwacha, having listed at 640 kwacha.

Celtel is the 19th stock be listed on the LuSE and is the second African mobile operator to list this week, following Kenya's Safaricom's (SCOM.NR: Quote, Profile, Research, Stock Buzz) debut in Nairobi on Monday.

Celtel Zambia, a unit of Celtel International BV which is part of Kuwait's Mobile Telecommunications Co (Zain) (ZAIN.KW: Quote, Profile, Research, Stock Buzz), offered 1.04 million shares for sale at 640 kwacha.

Celtel Zambia Managing Director David Venn said Celtel had offered 20 percent of its 5.2 billion shares in issue to the public. The IPO was 150 percent oversubscribed by foreign institutional investors and the Zambian public.

Venn told Reuters that Celtel International BV would now hold 78.9 percent in Celtel Zambia, with the World Bank's finance arm -- the International Finance Corporation (IFC) -- holding 1.1 percent.

The company has 2.2 million mobile telephone subscribers in Zambia.

Africa's biggest listed telecom firms include South Africa's $32 billion mobile operator MTN (MTNJ.J: Quote, Profile, Research, Stock Buzz) and fixed-line operator Telkom (TKGJ.J: Quote, Profile, Research, Stock Buzz), Maroc Telecom IAM.CS and Egypt's Orascom Telecom ORTE.CA, Telecom Egypt ETEL.CA and Egyptian Mobile EMOB.CA.

Foreign players with operations in Africa include France Telecom (FTE.PA: Quote, Profile, Research, Stock Buzz) and Zain. (Reporting by Shapi Shacinda; Writing by Marius Bosch; Editing by Louise Ireland)