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Nairobi stock exchange valued at R221m

Nairobi - Kenya’s stock exchange will be valued at 1.84 billion shillings (R221 million) after listing its shares in an initial public offering, chief executive Peter Mwangi said.

The Nairobi Securities Exchange plans to offer 66 million shares at 9.50 shillings each for the IPO and list a total of 194 million on the bourse, he told reporters in the capital today.

A stockbroker transacts shares during a trading session at the Nairobi Securities Exchange in Kenya's capital Nairobi. Credit: Reuters

Listing will improve corporate governance, transparency and attract investors, Treasury Secretary Henry Rotich said at the function.

The NSE, which first announced plans for an IPO in 2009, will become the second publicly traded market on the continent after South Africa’s Johannesburg Stock Exchange started trading shares in June 2006.

The NSE has been seeking ways to deepen trading and attract listings from companies in East Africa’s largest economy.

The 62-member all-share gauge has a value of $24 billion, according to data compiled by Bloomberg.

The FTSE NSE Kenya 25 index has gained 15 percent this year. - Bloomberg News

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