First Rwandan IPO successfully completed

The first initial public offering in Rwanda, the sale of a 25 percent stake in the country's brewery Bralirwa, has been successfully completed, Renaissance Capital said late Thursday. "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.