By Business Reporter
THE Directors of Letshego Holdings Namibia Limited have announced the successful result of the company’s Initial Public Offering (IPO), which closed on 26 September.
The official listing of Letshego Namibia took place on the Namibian Stock Exchange (NSX) on 28 September.
On listing, Letshego Namibia’s market capitalisation was N$1.9 billion, which represents 6 percent of the NSX primary listings market capitalisation.
Over 3 600 qualifying applications, valued at a total of N$182 million, were received during the four-week share offer period.
Members of the public and non-institutional investors contributed N$40 million toward this total, with the remaining N$142 million being raised through offers from leading institutional investors. Post-listing, Letshego Holdings Limited, the majority shareholder in Letshego Namibia, will reduce from 85 percent to 79 percent.
Commenting on this milestone achievement within the Letshego Namibia growth story, Chief Executive Officer, Ester Kali said, “Our team has travelled more than 7 000 kilometres across Namibia, to offer this unique investment opportunity to members of our community across 13 regions. By listing, Letshego Namibia has achieved its objective to increase our local shareholding and demonstrated its commitment toward meeting the government’s 2020 mandate for increased local shareholdings.”
Letshego Namibia’s unique share offer was named, ‘Ekwafo Letu’, which means ‘support’, a term synonymous with the Letshego Group’s brand promise and commitment within all 11 markets across Africa.
Over 75 000 people were empowered with knowledge and facts in fundamental financial skills and share investment opportunities.
During the IPO period, the inclusive finance brand connected 180 000 people across its social media platforms, and recorded 21 000 active discussions around Ekwafo Letu’s offering.
“Not only does our listing demonstrate our commitment to Namibia, but also our focus on delivering value to more than 3 200 PDNs (previously disadvantaged Namibians) and companies, who have invested in our future growth story.
“We wish to thank all our stakeholders, the public, companies and investors for their invaluable support and personal contribution. We look forward to a successful partnership, as we expand our business and access to simple and appropriate financial solutions for Namibians, who typically do not have access to banking products,” Kali said.
Commenting on Letshego Namibia’s listing, Tiaan Bazuin, Chief Executive Officer of Namibia’s Stock Exchange said: “I am extremely pleased with the successful listing of Letshego. There has been a lot of talk about localisation in the Namibian market and this listing shows the best way, in my mind, to achieve this goal.”
Ekwafo Letu actively demonstrated the broader community’s appetite for learning more about platforms for investment, and interest in embracing financial literacy.
Kali affirmed Letshego Namibia’s intention to continue their journey of knowledge empowerment and its ambition to increase financial literacy across Namibian communities.
Letshego Holdings Namibia (Letshego Namibia) opened its doors in 1998 as Edu Loan Namibia, providing consumer and micro-lending services. Letshego Namibia is 85 percent owned by Letshego Holdings Limited (LHL), a Botswana Stock Exchange (BSE) listed entity and Kumwe Investment Holdings of Namibia (15 percent). Post the IPO, this shareholding changes to 79 percent and 12 percent, respectively, with 9 percent being owned by ordinary Namibians, via direct and indirect shareholding.
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