The Eveready OFS (not an IPO since no funds are being raised by Eveready) has started picking up steam 3 days into the offer. The propectus came out on Friday (10 Nov 2006) which was one business day prior to the offer being opened.
The intial reaction was not enthusiastic since only 63 Million shares worth KES 600 Million are being sold. The reason was the allocation levels are expected to be low just like ScanGroup who sold 69 Million shares at 10.45.
In spite of the relatively high PE & low growth prospects, I feel the issue will be oversubscribed since there are many investors who like the price of 9.50.
Mumias OFS was supposed to have started on 1 Dec 2006 but there might be a dealy since we are almost in the Holiday season. Mumias will be more exciting since the govt will sell 92 Million shares. The price is unknown but expected to be sub-50 considering the price on the NSE is hovering at 52/-.
Back to Eveready... the refunds will not be issued until mid December so investors are cautious not to tie up their funds just in case of a massive oversubscription.
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