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Retail investors flock to AccessKenya
AccessKenya Group has ended up with a large number of retail investors — 94.5% of total shares offered during its initial public offer, despite its initial bid to avoid them.
Out of the 27,500 successful investors, 26,000 are retail shareholders. However, the management is happy and terms it a “sensible and manageable register.”
The company had offered 80 million shares at a price of 10 shillings per share. The IPO subscription rate was 363 per cent, raising Ksh2.9 billion ($41.4 million), far above the targeted Ksh800 million ($11.4 million).
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