THE market capitalisation of the Namibian Stock Exchange (NSX) yesterday morning got a N$1,5 billion boost - the second largest ever - when Bidvest Namibia became the 58th company to list on the local bourse, pushing total market capitalisation up to N$992 billion.

The listing on Africa's second largest stock exchange also boasted with the third largest free-float of nearly N$600 million, or 32,4 per cent of Bidvest Namibia's shares.

"The listing of Bidvest Namibia confirms that Namibian investors have an investment risk appetite for sound primary listings," NSX Chairman Primus Hango said ahead of the traditional bell ringing.

Bidvest Namibia Chief Executive Officer Sebby Kankondi echoed these sentiments: "Although the listing came so soon after concerns about the global recession, we are very happy that the public and the investors have supported us well."

The commercial services and fishing giant's public offer of 50 719 000 ordinary shares was oversubscribed. Applications for 54 809 716 shares were received from 676 applicants.

"Though the offer was over-subscribed, we ensured that all applications by individuals were met in full. Institutions were allocated an average of 95% of the shares they applied for," Kankondi said.

The N$313,6 million that was raised through the listing "will be ploughed back into expansion and growth of our businesses," Kankondi promised.

The Bidvest Namibia listing also resulted in various black economic empowerment (BEE) shareholders.

The Ovanhu BEE consortium, representing pensioners, war veterans and community groups, is included in the empowerment structure.

So are the Bidvest Namibia Investment Trust, Ovanhu's majority shareholder and a body active in community-based upliftment nationwide, Labour Investment Holdings (LIH), representing worker groups, Women's Action for Development (WAD), the nationally represented women's self-help and training NGO, as well as three engagement partners to ensure involvement with entrepreneurs.