QuickMart Plc's share sale closed 122.7% subscribed, Business Today Kenya reported. Investors sent 18,492 applications for 2.45 billion shares, but only 2 billion were on offer at KSh 7.50 each.
QuickMart IPO: target vs bids
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Source: Business Today Kenya (shares offered: 2 billion; bid for: 2.45 billion)Table
QuickMart Plc's initial public offering has closed oversubscribed. Business Today Kenya reported a subscription rate of 122.7%. Investors bid for more shares than the retailer put up for sale.
The supermarket chain offered 2 billion shares at KSh 7.50 each. It aimed to raise KSh 15 billion. Instead, 18,492 applications came in for 2.45 billion shares, worth KSh 18.4 billion, the outlet said.
According to Business Today Kenya, demand came from retail investors and from institutional investors in Kenya and the wider East African Community. The report gave no breakdown by investor group. It also did not say how the extra demand will be handled or when allotment and trading will start.
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