Letshego extends IPO deadline and cuts share price

Home Business Letshego extends IPO deadline and cuts share price

Staff Reporter

Windhoek-Letshego Namibia Holdings has announced an extension to their IPO (Initial Public Offering) deadline to 12:00 noon on Tuesday, 26th September 2017. In addition to the extended deadline, Letshego Namibia has also reduced the share price offer from N$4.70 to N$3.80.

This means that all individuals who applied for shares at the N$4.70 price will be awarded 23.5 percent more shares, given the revised reduction in share price.

Commenting on the extended deadline and reduction in share price, Ester Kali, Letshego Namibia’s CEO, said: “As is the case with all company IPO’s internationally, Letshego has set its own minimum targets in order to achieve listing objectives. We are progressing well towards these; however as of today we are not quite there yet.

“Extending our deadline by a few days and offering a reduced price should enable us to meet the last few hurdles towards a listing, while further enhancing the inclusive nature of our Ekwafo Letu IPO.”

The minimum number of shares applicants have to purchase remains constant at 200 per applicant. With Letshego Namibia’s reduced share price offer of N$3.80, applicants will be entitled to 47 more shares for every 200 shares they apply for.

Last week, Letshego confirmed that millions of dollars had already been raised in this historic IPO, with people across the country showing incredible appetite to invest in Letshego Namibia shares.

Kali said: “This is a platform for financial inclusion, and our objective from the onset was to ensure maximum citizen participation in this great opportunity for empowerment. This is with a particular focus on previously disadvantaged Namibians. The reception by Namibians has been strong, and we look forward to welcoming a great many new shareholders in this proudly Namibian business. This is our time. This is Ekwafo Letu.”

“This is also an opportunity for us to raise the profile of Letshego in Namibia among members of the general public, investors and target markets within Namibia, and to accelerate the rate of economic growth by stimulating entrepreneurship and investment,” she stated.