Letshego Namibia’s IPO already raising millions amid strong appetite for shares

Windhoek-Offers to buy shares in Letshego Namibia continue to be received ahead of the close of the offer period on September 22. Millions have already been raised in this historic Initial Product Offering (IPO), with people across Namibia showing incredible appetite to invest in Letshego Namibia shares.

Letshego Namibia's story is about empowerment, via the solutions it provides, and now via Ekwafo Letu, as it offers 20 percent of the company's shares for sale to the Namibian public.

Letshego believes that to be totally financially inclusive, it should offer Namibians the opportunity to be part of its growth. As Letshego grows, so shall ordinary Namibians' wealth.

Letshego Namibia CEO, Ester Kali: 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.

The opportunity for Namibians to buy shares is limited � the last day they can submit their offers to purchase Letshego Namibia shares is Friday, September 22.

The total value of the shares offered to the public is about N$470 million. When Kali first announced the floating of shares , she said it was done to ensure maximum public participation and ownership of the Letshego shares with priority for citizens.

She said citizen empowerment and potential for financial gain through share value growth and dividends are some of the benefits that could be gained through this opportunity.

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.

LHN opened its doors in 2002 as Edu-Loan Namibia, providing consumer and micro-lending services. In August 2008, Letshego Holdings Limited, a Botswana Stock Exchange-listed entity, acquired 100 per cent of the company, soon after which the company re-branded to Letshego Financial Services Namibia.

Currently, the Botswana Stock Exchange-listed entity owns 65 per cent of shares in Letshego Namibia, whilst 15 per cent is retained by Kumwe Investments Holding.

The Bank of Namibia has given the foreign-owned bank until the 2020 to comply with requirements that locals should hold at least 40 percent equity in commercial lenders operating in the country. An individual will only be allowed to buy a minimum number of 200 shares, which means the least amount they can offer is N$940.

Source: New Era Newspaper Namibia