Tanzania stock exchange's IPO oversubscribed nearly five times

Dar es Stock Exchange chief executive Moremi Marwa. PHOTO | FILE 

By Reuters

In Summary

• The DSE received bids worth Tsh35.77 billion ($16.4 million) for the 15 million shares on offer worth a total Tsh7.5 billion ($3.35 million), it said.

The sale of shares in Dar es Salaam Stock Exchange (DSE) to the public was oversubscribed by nearly five times, the bourse said on Thursday.

The DSE received bids worth Tsh35.77 billion ($16.4 million) for the 15 million shares on offer worth a total Tsh7.5 billion ($3.35 million), it said.

The exchange said it would accept an unspecified amount over and above its target in what is known as a greenshoe option. The balance would be refunded to applicants.

DSE intends to list its shares on the market's main segment for trading on July 12.

"The planned self-listing is in line with the global trend and practice for exchanges and is aimed at achieving good corporate governance practices, efficiency and effectiveness," DSE said in a statement