I&M Bank Rwanda has announced that its recent offer for the sale of a 19.81 percent stake through an Initial Public Offer has been oversubscribed by a solid 209 per cent.
The Bank said investors applied for 206,893,000 shares compared to 99,030,400 shares which were on offer. Sixty per cent of the shares were allocated to Rwanda & East African investors while the remaining 40 per cent to foreign investors.
The shares were initially owned by the Govt of Rwanda and the sale was targeting to raise about 11.5 billion francs to be used in funding the construction of a second airport near the capital city of Kigali.
“The oversubscription of the I&M Bank Rwanda IPO is testimony to the confidence investors have in the Rwandan economy,” The country’s Finance Minister Claver Gatete said in statement.
The offer opened on Tuesday 14th Feb and closed on March 10th. Listing on the Rwanda’s Stock Exchange will be on March 31, 2017.
