Windhoek — After much hype and fanfare, Bidvest Namibia, this week finally listed on the Namibia Stock Exchange (NSX) with the initial listing price of N$7.20.

The listing raised N$313.6 million as Namibians and Namibian institutions bought the 50.7 million shares on offer.

"At Bidvest, we are proud to give birth to our new 'baby', Bidvest Namibia. It's a healthy infant looking forward to strong growth.

Our goal for our offspring is sustained development into one of Namibia's strongest and most successful companies," said Bidvest chief executive Brian Joffe during the listing ceremony in Windhoek.

NSX chairman Primus Hango said 675 individual investors had taken a stake in the company.

Bidvest Namibia became the second largest company on the exchange by market capitalisation with the third largest free float of shares (32.4%).

President Hifikepunye Pohamba also commended Bidvest Namibia for listing on the Namibian Stock Exchange.

"The listing on the local exchange and the public offer of shares performs an important economic function. It provides an opportunity for the members of the public to buy shares and thereby become co-owners of the listed company," Pohamba said.

Pohamba commended Bidvest Namibia for the initiative, which, he said will surely bring about countless benefits for the country's economy, adding that investors who bought the shares have put their trust in the directors and the management of the company to manage their money well so that their investment can bring about good returns.

"Bidvest has taken steps to bring about broader economic empowerment of many Namibians through this transaction," he said.

"This approach is indeed laudable because it implements the programs of our government aimed at addressing poverty and improving the living conditions of our people," he added.

The public listing will reduce the Bidvest Group stake in the Namibian business from 89% to 52%.

Pohamba encouraged the Bidvest Namibia management to utilize the capital that they have raised with the listing of the company to foster greater economic growth for the country.