Kenyan ICT group AccessKenya, a corporate Internet service provider, and Blue, one of Kenya's largest public data network operators, have successfully completed their initial public offering (IPO).
In February, AccessKenya applied to the Capital Markets Authority and the Nairobi Stock Exchange (NSE) to list on the exchange this year through an IPO.
The group invited applications for a 40% stake in a flotation, to raise $1.2 million (KES80 million) to fund its expansion. Around 80 million shares were on sale, priced at 15c each. The offer closed on 30 April.
The IPO was heavily oversubscribed, explains Jonathan Somen, MD of the group. Exact details of the sale are to be withheld until all applications and payments have been fully reconciled, according to a company press release.
"Our processing of applications and reconciliation is proceeding very efficiently and we will definitely be in a position to make our definitive announcement on 24 May.
"We are also on track to make refunds by the end of May as per our stated timetable, ensuring that investors' funds are not held for more than one month."
The shares are expected to list on the NSE on 4 June.
The group has seen an increase in revenue of more than 75% per annum over the last three years. Profit has grown by almost 90% per year from 2004, to a current level of $290 000 (KES 94 million).
This growth creates strong value for shareholders, says Somen.
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