Longhorn Kenya shares traded at Sh20, a 43 per cent increase from the Sh14 offer price on the Wednesday morning trading which saw 1000 shares trade hands.
Longhorn Kenya shares traded at Sh20, a 43 per cent increase from the Sh14 offer price on the Wednesday morning trading which saw 1000 shares trade hands.
There were offers for Sh6, Sh8 and Sh20 but only one trade for 100 shares had been executed, as the company debuted at the Nairobi Securities Exchange (NSE)
Dealers were still waiting for the end of day trading to determine the average price and which would give the book publishing company’s valuation on the first day of trading.
Longhorn Kenya has listed by introduction on the Alternative Investments Market Segment (AIMS) of the Nairobi Securities Exchange |(NSE) and it began the listing process in the last quarter of 2011.
Longhorn Kenya has 58.5 million shares but the majority shareholders have caps on how much they can sell limiting the publisher’s free float.
Longhorn Kenya chairman Francis Nyammo said that prior to the public listing the company decided to list by introduction rather than an Initial Public Offering (IPO) because it did not need to raise capital at this time.
Longhorn’s shares were trading at Sh66 per share on the Over-the-Counter Market (OTC).
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