I&M Bank IPO Priced at Frw90 a Share

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The Rwandan finance ministry said on Tuesday that I&M Bank Rwanda Ltd it priced its initial public offering at Frw90 a share.

The Rwandan government is selling 99,030,400 stake, representing a 19.81 percent stake in the lender, with the proceeds set to fund the construction of a second airport near the capital.

The offer which opened today is expected to close on March 3. The bank’s assets stood at 191,805,234,000 francs ($231.25 million) at the end of September, 2016.

It reported an operating profit of 6,686,959,000 francs in the first nine months of last year.

The Rwandan Finance Minister Claver Gatete informed parliament last week that the government aimed to raise 11.5 billion francs from the sale.  The Rwandan bourse currently has seven listed firms valued at $3.4 billion.

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