This archive report was first published on 4 September 2019.
On September 4, 2019, the Nairobi Securities Exchange (NSE) announced its plan to list at least one firm from its Ibuka incubation programme on the main market by the end of the first quarter of 2020.
According to NSE chief executive Geoffrey Odundo, major progress had been made in creating corporate structures for family-owned firms under Ibuka, giving them confidence to go public.
During the admission ceremony for RentCo East Africa, the 17th firm enlisted on Ibuka, Mr. Odundo stated, "The 16 firms already under Ibuka are at different stages of compliance with our requirements. We are helping them meet the terms and you shall soon see major announcements made before the end of the first quarter of 2020."
He added that the market remains an attractive avenue for firms looking to raise capital, given that retail investors and institutional players such as pension schemes and insurance companies have in excess of Sh1.5 trillion to invest in viable companies.
Since October 2015, the market has been without an Initial Public Offer, while there have only been five listings by introduction since 2014.
For RentCo CEO Robert Nyasimi, joining the Ibuka programme is a major milestone that opens endless and positive possibilities for the company as it plans for succession and corporate growth.
