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[2008-04-24] Safaricom IPO Exceeds Treasury's Target
The Safaricom Initial Public Offering is likely to have been over-subscribed by 200 per cent, dealers estimated as the IPO closed Wednesday.
Leading brokers said investor interest in the mobile telephone company's shares had been overwhelming and had exceeded the Sh50 billion the Government had intended to raise by about Sh100 billion.
This means that more than two million local investors who have applied for the shares may end up with fewer shares than they had applied for.
On Wednesday, there were long queues at every IPO centre countrywide as investors rushed to beat the deadline.
The final results will be ready by Monday when all applications will have been filed. Oversubscription by local investors will also mean that the portion reserved for international investors falls from 35 to 20 per cent.
