Kenya Pipeline Company’s Initial Public Offering (IPO) received a 105.7% subscription rate, Finance Minister John Mbadi said this Wednesday.
Kenyan individual and institutional investors will get 67.32% of offered shares from the sale, Mbadi said.
The IPO had been shadowed by lower valuations by some banks, an extension of the offer period and reports in local media that investors were apathetic.
The government offered a 65% stake in Kenya Pipeline Company, aiming to raise 106.3 billion Shillings ($824.67 million) in the region’s first big deal since the sale of shares in telecoms operator Safaricom in 2008, which raised more cash in dollar terms.
Mbadi said on Wednesday that the government would only take what it had sought to raise.
The shares listed in the IPO will start trading on the Nairobi bourse on March 9.
—Reuters—
