At about 9:00am today, Finance Minister Amb Claver Gatete, rang the bell to signal the debut of trading in I&M Bank Rwanda shares at the Rwanda Stock Exchange (RSE). The counter opened at Rwf100 per share, but closed at a high of Rwf105. It sold 121,800 shares on its first trading session at the bourse, registering Rwf 12,129,000 in total turnover. The firm’s IPO price was at Rwf90.
Dr James Ndahiro, the chairman of the Rwanda Stock Exchange, and Minister Gatete, among others, witnessed the opening event.
Speaking during the debut, I&M Bank board chairperson Bill Irwin said the listing had not only expanded the investor base, but also provided opportunities for more efficient way of raising capital.
“The listing will ensure improved transparency and operational efficiency, not to mention more publicity for our brand,” he noted.
I&M Bank Rwanda listing brings the number of firms listed on the exchange to eight, four of which are local and four cross-listed counters, including Bank of Kigali, Bralirwa, Crystal Telecom, NMG, Uchumi Supermarkets, Equity Bank, and KCB.
The bank’s listing followed sale 19.81 per cent government stake in I&M Bank Rwanda to raise funds for the initial equity towards the development of Bugesera International Airport.