NSE initial public offer opens

By O’brien Kimani

The Nairobi Securities Exchange initial public offer opened Wednesday and plans to self-list at the market on the 9th of September this year.

The bourse is selling 66 million shares at 9.50 cents per share and seeks to raise 627 million shillings to expand its operations.

NSE chair Eddy Njoroge says the development is expected to enhance accountability and improve governance at the market.

NSE is seeking to raise Sh627 million from the sale of the stated shares 66 million shares representing 34 percent of the total issued shares.

National Treasury Cabinet Secretary Henry Rotich says the move to open up the market to the public is expected to enhance governance and accountability in the management of the fourth biggest market in Africa.

The offer opens Thursday and runs to the 12th of next month. The result of the IPO is expected to be announced on the 3rd of September followed by the official listing on the 9th of September this year.

Once the process is finalized, NSE will be the second bourse in Africa to be converted into a public company guaranteed by shares after Johannesburg Stock Exchange in South Africa.