Bralirwa Initial Public Offer (IPO) Applications Results


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KIGALI, January 18th, 2010

As you are aware, the sale of Government shares in BRALIRWA to the public through an initial public offer (IPO) was launched on Tuesday 23rd November 2010 for four consecutive weeks and closed on Friday December 17th, 2010. The offer was open to both domestic and international investors and a total of 128,570,000 shares representing 25% of Bralirwa Plc were offered at RWF 136 per share. The minimum number of shares by application was expected to be 100 offer shares and thereafter in multiples of 100 offer shares.

Today, I am delighted to announce the IPO applications results. Overall, the IPO has been successful as evidenced by the level of subscription of  274% for the entire IPO, which translates into an oversubscription of 174%, while the number of Applicants was 3,942 of which 3,106 were Rwandan, representing 79% of the Applications received during the IPO.

Indeed, the response from Rwandans, Citizens of the East African Partner States and the international investment community has been overwhelmingly high.  The subscription levels of the various pools & sub-pools were as follows:

a.    Retail investors – 129% subscribed;
b.    BRALIRWA Staff & Distributors – 103% subscribed;
c.    Qualified Institutional Investors - Rwanda – 175% subscribed;
d.    Qualified Institutional Investors EAC – 259% subscribed;
e.    International Investors – 530% subscribed.

The success of the BRALIRWA IPO is a significant milestone in the growth and development of the Rwandan Capital Market.  For the level of oversubscription that we got for an IPO of this size at approximately USD 29.5 million equivalent, is a testament to the attractiveness of Rwanda as an investment destination, and proof that the savings & investment culture can take root amongst Rwandan in the very near future. It also reemphasizes Government commitment to the privatization programme and capital market development.

The BRALIRWA IPO is expected to set the stage for other IPOs to follow, as its success will encourage the Government of Rwanda to expedite the sale of its shares in various Companies to the public.

In the Retail sub-pool, Rwandan Nationals in the Retail sub-pool applied for approximately 26 million IPO Shares against approximately 27 million shares that have been reserved for them representing an allocation of 60% of the Retail sub pool as defined by the allotment policy disclosed in the IPO Prospectus. This meant that ALL Rwandans within the Retail sub-pool will be allotted the shares that they applied for IN FULL.

The Retail Applicants from the EAC Partner States and Foreign Countries will be allocated 40% of the Retail sub-pool, approximately 17 million shares.

Applications from the Qualified Institutional Investors (QIIs) from Rwanda were subscribed by 175% whereas the Institutional Investors from the East African Community (EAC) Partner States subscribed by 259%. The International Institutional Investors subscribed by 530%.

Overall, the total applications amounted to USD 80 million against USD 29.5 million for the 25% shares of Government in BRALIRWA.

The Allotment process is being conducted by the Share Registrars  in conjunction with the Lead Advisors and will be completed in time for the calling of Bank Guarantees  from Qualified Institutional Investors (QIIs) who submitted applications supported by Bank Guarantees this will be done by 20th January 2011,  and for the rest of the Applicants the process will be completed in time for the dispatch of Central Securities Depository (CSD) Statements to all Applicants on Monday 24 January 2011.  The BRALIRWA IPO will be the first to offer electronic shares to the public.

The two most important events remaining on the IPO process are the following:

  • The release of investors’ statements showing their holdings and the refunds to investors for the surplus funds. This will start on Monday 24th January 2011;
  • Listing and commencement of trading of shares on the Rwanda Stock Exchange (RSE) on Monday 31st January 2011.


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