With hopes of higher mobility, EriTel, which has 380,000 subscribers, aims for the share sale to lead to better customer services within the East African market.
Only Eritreans are able to partake in the sale, with identification documents (IDs) as a requirement when proceeding with bank payments.
The 70-year-old company advised nationals who are currently outside Eritrean borders to stay updated with foreign currency values before making bank payments.
High interest from investors has been reported despite lack of further details regarding future financial plans or estimated income.
EriTel also offers mobile, fixed network and Internet services since it was restructured in October 2003.