The Rwandan subsidiary of I&M Holdings is set to go public with the Rwandan government selling its 19.8 per cent stake in an initial public offering expected to be completed later this year.
The Rwandan government has instructed transaction advisors to the I&M Bank Rwanda IPO to list within 90 days.
“The agreements have been drafted and are being reviewed. In two weeks, we must have signed them,” said one of the transaction advisors.
Listing a blue chip company like I&M Bank Rwanda, the third largest in Rwanda by asset size and one of the profitable banks, will help raise investors’ appetite for shares in the bank.
The 2015 full year financial results released by I&M Bank Rwanda managing director Robin Bairstow indicate that the bank’s net profit increased from Rwf4.5 billion ($5.7 million) in 2014 to Rwf5 billion ($6.4 million) last year