NSE Ibuka

The Nairobi Securities Exchange (NSE) “Ibuka” is an incubation program that aims to identify Kenyan companies and fast track their development and governance structures that will gain them exposure from investors. Several companies have joined the program which was launched and entails a ten-month course that will hopefully lead to an eventual listing at the NSE.

The companies that have signed up so far are:

  • (1) January 31 2019 – The NSE admitted APT Commodities, a leading tea exporter with a wide portfolio of brands such as Jambo Chai Tangawizi, Hassan Tea and Equity Green Tea, to join the Ibuka Program.
  • (2) March 15 –  Globetrotter Agency is a leading travel and tours company with enhanced domestic and international travel solutions, offers a wide variety of services including medical tourism.
  • (3) March 21 – Moad Capital provides independent commercial real estate advice and consultancy services.
  • (4) March 27 – Bluenile Rolling Mills is a leading hot rolled steel and wire products manufacturer with an annual turnover of Kshs. 4.5 billion. Established in 2007, it provides high-quality products across the region under its signature brands – Kifaru and Kifaru. It produces over 6,000 tons per month and has 800 employees.
  • (5) April 3 – Myspace Properties (Kenya), established in 2008,  is a private properties company serving the housing and property needs of real estate clientele.
  • (6) April 12 – Vehicle and Equipment Leasing Limited (VAELL) provides bespoke leasing services across in Kenya, Rwanda, Tanzania, Uganda, and Zambia and has correspondent relationships with other leasing firms in South Africa and India.
  • (7) May 3 – Polygon Logistics, a company that was co-founded by a husband and his wife in 2010, does clearing and forwarding, imports and exports shipments as well as air charter flight services and airline representation.
  • (8) May 9 – Nile Capital Insurance Brokers provides general and life insurance products. Established in 2013, it is one of Kenya’s fastest growing insurance brokers and a preferred broker for domestic and international underwriters.
  • (9) May 13 – Nyali Capital, the company led by the best woman in business in Mombasa in 2018, is a non-deposit taking microfinance providing credit facilities, financial advisory services and training programs with special focus on empowering women and youth-owned businesses.

  • (10) May 14 – HomeBoyz Entertainment became the first entertainment company to join the program. Established in 1992, it offers bespoke services in event production and is listed as one of the top 10 event production companies in Africa.
  • (11) 30 May – TSG Realty, founded in January 2010, it focuses on serviced and furnished apartments, town homes and commercial real estate in the high-end, luxury market.
  • (12) June 25 – Naveah Capital Insurance Agency was established in January 2018 and aims to become the leading champion of wealth preservation in Africa through the provision of risk management and financial planning services.
  • (13) July 10 – Capital Power was formed in 2013 to undertake various renewable energy projects in Kenya.
  • (14) July 23 – Masumali Meghji Insurance Brokers is one of the largest independent insurance brokers in Mombasa, and has served the region for more than 36 years, offering commercial and industrial covers to its clients.
  • (15) Aug 1 – Tusker Mattresses (Tuskys), which currently serves over 10 million customers monthly across 63 branches in Kenya and Uganda and on its premium e-commerce platform, aims to enhance its growth as the leading retail chain in the region. Founded in 1990, it has 6,000 staff and 3,000 suppliers.
  • (16) Aug 13 – Ceven aims to enhance service delivery among electricity customers in Kenya. It currently serves two contractual assignments with Kenya Power for distribution of pre-paid electricity tokens and processing post-paid payments.
  • (17) Sept 5 – RentCo East Africa seeks to leverage on the NSE Ibuka Program to enhance its growth as the leading asset leasing company in the region. The company leases out construction equipment, vehicles and aircraft to both public and the private sector. (via Business Daily)

  • EDIT: (18) October 31- The Safaricom Investments Cooperative Society, that was established in 2009 to pursue real estate development ventures for its members, became the first cooperative to be added to the Ibuka incubation program.

Kenya’s Capital Markets Authority (CMA) envisions having four new listings on the NSE every year.  Other companies expected to list, not necessarily through Ibuka, include Cytonn,  Jamii Bora, Vitaform, Bank of Kigali (Rwanda) and National Oil (NOCK).

Hopefully, the Ibuka program will eliminate the taint of the GEMS listings when new companies introduced to the NSE like Atlas Africa (already exited), Home Africa and Kurwitu have under-performed and disappointed investors who now view them as not being ready for a public listing.

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