Credit Bank Plans Kenya’s First IPO in Nine Years on NSE

Credit Bank Plc plans to raise one billion shillings ($6.89 million) on the Nairobi Securities Exchange, in what would be the bourse’s first initial public offering since 2014.

(Bloomberg) — Credit Bank Plc plans to raise one billion shillings ($6.89 million) on the Nairobi Securities Exchange, in what would be the bourse’s first initial public offering since 2014. 

The timing of the planned listing and portion of shares to be offered are subject to regulatory and investors approval, Grace Nyachae, a director at the Kenyan lender, said in a statement. The bank plans to raise an additional one billion shillings after it lists, she added.

The listing is aimed at augmenting capital and rewarding shareholders. An employee share ownership plan will also be introduced, she said. Earlier this year Credit Bank received regulatory approval to transfer a 20% stake to Mauritius-based private equity fund Shorecap III LP. 

The NSE’s all-share index was valued at 1.51 trillion shillings as of Friday, down 22% so far this year, the steepest decline among almost 100 global indexes tracked by Bloomberg. The last IPO involved the bourse listing itself in 2014.

 

More stories like this are available on bloomberg.com

©2023 Bloomberg L.P.