Stock exchange's IPO oversubscribed nearly five times

Ben Bassey 16:29 - 16 June 2016

Tanzanian stock exchange's IPO oversubscribed nearly five times

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.

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 35.77 billion Tanzanian shillings ($16.4 million) for the 15 million shares on offer worth a total 7.5 billion shillings, it said.

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.

($1 = 2,187 Tanzanian shillings)