Armenia’s Team Telecom has completed its initial public offering (IPO), listing around 40 million shares worth AMD8.24 billion (US$19.8 million) on the Armenian Securities Exchange.

The listing means that approximately 1,000 investors, whether individuals or businesses, now hold shares in the operator. Team Telecom has stated that it intends to use the funds generated through the IPO in order to extend its NGN fibre-optic network across Armenia. It also aims to deploy a 5G mobile network and switch on new international communication links.

“The development of the telecommunications sector in Armenia is our priority, and I am glad that from now on our new shareholders will also participate in the implementation of all our strategic plans,” said Hayk Yesayan, CEO of Team Telecom Armenia.

Team Telecom is not the only service provider on the rise in Armenia – Arka News reports that the country’s Minister of High Technologies Industry Robert Khachatryan is in talks with SpaceX over a potential launch of Starlink satellite broadband.

Khachatryan was quoted by Arka News as saying that satellite broadband “can become an alternative means of communication for our country, which it is in many places. We have already started a dialogue on this issue, but I would not like to elaborate.”