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Shares of I&M Bank Rwanda jump more than 10 pct after listing
March 31, 2017 / 10:32 AM / 9 months ago

Shares of I&M Bank Rwanda jump more than 10 pct after listing

KIGALI, March 31 (Reuters) - Shares in I&M Bank Rwanda jumped 11 percent following their market debut on Friday, a boost to the local bourse amid signs of declining interest from investors in frontier markets.

Traders said the stock rose to 100 Rwandan francs ($0.12) after the initial public offering received orders for more than twice as many shares as were on sale.

The government offered 99,030,400 shares in the lender, a 19.81 percent stake, raising 8.9 billion francs ($10.8 million) for the construction of a second airport near the capital.

Davis Gathaara, the managing director of brokerage Baraka Capital, said demand for the stock was likely to continue to exceed supply as investors hang onto their shares.

Only 70,000 shares were traded in two deals immediately after the listing bell rang.

I&M Bank Rwanda becomes the eighth firm to be listed on the market, which has shares valued at about $3.4 billion.

$1 = 824.0400 Rwandan francs Reporting by Clement Uwiringiyimana; Editing by Duncan Miriri and Mark Potter

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