"The transaction marks the formal opening of the Rwanda Stock Exchange (RSE), which started trading this week," said Renaissance Capital, an investment bank specialised in emerging markets who acted as co-advisor.

The IPO raised 29.5 million dollars and was nearly three times oversubscribed. The international tranche was more than five times oversubscribed.

"The success of the Bralirwa IPO will pave the way for the development of the Rwandan capital markets overall and for a number of prospective IPOs in the region," said Patrick Mweheire, Renaissance Capital's head of investment banking Africa.

Bralirwa -- Brasseries et Limonaderies du Rwanda SA -- becomes the third company overall and the first Rwandan company to list in Kigali.

Two Kenyan companies, Kenya Commercial Bank and Nation Media Group, listed on what was at the time the Rwanda over-the-counter market, are now also on the RSE.

Renaissance Capital and lead advisor MBEA Brokerage Services Rwanda ran a campaign that included TV and radio ads to inform a public unused to financial markets.

The Rwandan government also plans to sell a 25 percent stake in Bank of Kigali, the country's largest bank by assets. In an advertisement at the end of last year the bank said transaction advisors for the issue are expected to be picked in March.

Bralirwa is estimated to have 94 percent of the Rwanda beer market. Its brands best known locally are Primus and Mutzig. It is also a licensed Coca-Cola bottler and has a virtual monopoly of the the local sparkling drinks market. It is also licensed by Diageo to brew Guiness.

The remaining 75 percent stake is owned by Heineken N.V.