Nairobi bourse to sell up to 38 pc stake in IPO

The Nairobi Securities Exchange (NSE) will sell up to a 38 percent stake in an initial public offering by the end of next month to raise funds for new products and enhance transparency, its chief executive said.

Peter Mwangi said the owners of the Kenyan bourse, a mutual company held by brokers, will offer up to 81 million shares of 4 shillings ($0.05) each, amounting to 38 percent of its total capitalisation, subject to regulatory approval.