(Bloomberg) -- Emtel Ltd. priced its initial share sale valuing the Mauritian telecommunications company at 10.46 billion rupees ($222 million), people with knowledge of the matter said. 

The company is offering shares at 23 rupees apiece, its management told analysts, stockbrokers and fund managers on Friday, the people who attended the briefing said, asking not to be identified before a public announcement. 

Emtel will debut on the main board of the Stock Exchange of Mauritius on July 5 as the fifth-biggest company.

Emtel couldn’t immediately comment when reached after office hours.

Shareholders are selling only a quarter of the issued share capital, or about 113.85 million shares. Currimjee Jeewanjee and Co., a family-owned business with four generations of presence in Mauritius holds a 75% stake and the rest belongs to private equity firm Indian Continent Investment Ltd.

The offer opens on May 29 and runs until June 21 and will target institutional and retail investors in Mauritius and “selective distribution to regional and international funds” outside the US, according to the presentation.

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