For investors in the “frontier” markets of Africa, Safaricom’s debut was a euphoric affair. Kenya’s largest mobile operator enjoyed a 40 per cent pop that pushed the company’s market capitalisation up to $4.4bn.

While the Kenyan government underpriced the sale of the 25 per cent stake, that was a political decision. Leaving cash on the table for 860,000 small investors buys a lot of friends in a poor, volatile country. With the government now left with just 35 per cent, Vodafone Kenya emerges as its largest shareholder, with 40 per cent.