Britak offer manages 60.09% subscription, falls shy of Sh5.58 billion target

Posted on August 23, 2011

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The British American IPO fell shy of a full subscription with only 390.5 million of the 650 million being subscribed.

The offer which was selling at Sh9 for a minimum of 2,000 shares received the most applications from East African retail investors.

Only 23 foreign investors and 72 qualified institutional investors participated in the offer.

On the other hand only 2,101 Employees and Agents applied for the shares.

From the offer, the group had hoped to raise Sh5.58 billion to finance its expansion both locally and regionally.

However from the results, it only managed to net Sh3.5 billion from the offer.

It would be interesting to see how the group will finance the shortfall, with the offer having not been underwritten.

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