Botswana Telecommunications Corporation Limited (BTCL) initial Public Offering (IPO) was met with the enthusiasm on Monday as a number of people kept entering Barclays Bank branches where applications for shares were received. While others came to submit the application for the shares, others came to enquire about all the processes involved, possibly with the intention to also participate in the IPO.
Speaking on Tuesday morning BTCL spokesperson, Golekanye Molapisi, said the reaction from the citizens on the first day of the offer opening was satisfactory. Molapisi said there is a lot of demand from people as they want to get hold of the BTCL shares. “As we speak the prospectus is finished in the entire Barclays branches countrywide,” he said.
BTCL opened its offer period on Monday at 0900 hours with 462 million shares made available for purchase by the public. The IPO is expected to run for eight weeks until the first week of March with normal trading on the Botswana Stock Exchange slated for 8th of April. The company look to raise at least P250 million through the IPO to be used as working capital and fund capital expenditure. BTCL shares are going at P1.00 per share with the minimum subscription set at 1000 shares translating into P1000.00. A maximum subscription has not been set.