East Africa: Bralirwa IPO Sets the Pace in Rwanda

Nairobi — Rwanda's first initial public offering by Bralirwa, a local brewery, has set the precedence for future IPOs in the country and for development of capital markets, following a huge over-subscription of the offer.

While the government had initially planned to raise Rwf17.5 billion ($29.5 million) from its recent sale of 128,570,000 shares or 25 per cent in Bralirwa, the offer attracted applications worth $80m, representing a subscription rate of 274 per cent. This translates into an over subscription of 174 per cent.

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