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Monday, October 23, 2006

Eveready (among others) prepares for IPO

Updates posted 25 Oct 2006

When is another IPO one too many?

Eveready does not seem to be a "growth" company but it might have its oft-mentioned IPO soon!
We will have to wait for the prospectus but the shareholders in Sameer Africa (formerly Firestone EA) who bought into the IPO almost 10 years ago have little to show!

Will this be any different?
The IPO price was 35.50 & the current price is 16/- thus a DROP of 50% over 10 years!

Family Finance is preparing for a Private Placement but will favor its Account holders (does that include loanees?), Board Members & Staff...

It seems the competition for funds will be intense since the following IPOs/Rights Issues/Private Placements/Offers for Sale are supposed to take place by June 2007:
  • Safaricom {IPO/OfS} for Sale by Mar 2007 (mwasjd tells me it will be delayed thru 2008)
  • KenRe {IPO/OfS} by Dec 2006 but possible delay to 1Q 2007
  • Diamond Trust {Rights Issue} in Nov 2006
  • Olympia {Rights Issue} by Mar 2007
  • Telkom {IPO/OfS} by Jun 2007 (IMHO unlikely to happen till 2009)
  • Mumias {OfS} by Nov 2006
  • Eveready {IPO/OfS} by Dec 2006
  • Family Finance {PP} by Dec 2006
  • Midlands {PP} in Nov 2006
Others:
  • Acacia Fund in 2007 (Thanks to Bankelele)
  • Deacons {IPO/OfS} in 2008 (Thanks to Sizzla). They had a private placement in 3Q 2006
  • Nakumatt {IPO/OfS} in 2009 (Thanks to Bankelele)
Please send me additional info if you have better info than my estimates above.

At some point, there will too many IPOs chasing too few funds esp if the mega-IPO of Safaricom sucks up the cash! The cash will recirculate into the economy but the funds will be concentrated in fewer hands.

6 comments:

bankelele said...

Acacia Fund (2007)
Nakumatt (2009)

kenyanentrepreneur said...

Anyang Nyongo would be the closest equivalent, but he is too cerebral for the majority of kenyans.

coldtusker said...

ke - Huh?

I didn't know Anyang Nyongo was doing an IPO...

sizzla said...

Deacons Kenya (2008)

gathinga said...

Kenya Re: March 2007

mwasjd said...

Safaricom in 2 years time. The CEO said it during the company 6th anniversary bash last thursday.