I&M Bank lists at the NSE

I&M (Bank) Holdings formally listed at the Nairobi Stock Exchange in the banking segment on June 25, 2013. I&M Holdings is the 6th largest bank group in the country with  assets of Kshs. 144.7 billion ($1.74 billion), profits of Kshs 5.73 billion ($69 million) as at December 2012.
This was the culmination of a three year transaction process that had several steps including a cash-less acquisition of 100% of I&M Bank by City Trust Limited (then-listed on the alternative shares segment of the NSE, and City Trust  owned 7.3% of I&M), a 1:5  share split to create make 27 million shares (up from 6 million), the issue 364 million additional shares to I&M shareholders in a swap – all resulting in 392 million shares to star  trading at Kshs 50 shillings ($0.60) each on the NSE. 

Within that period, I&M Bank also had a private placement to raise about 2.4 billion ($30 million), launched an e-commerce platform, launched a multi-currency debit card, bought stakes in banks in Mauritius, Rwanda (55% of Banque Commerciale du Rwanda) and Tanzania and also got investment funding from Proparco & DEG banks.
At the launch Dyer & Blair Investment Bank Chairman Jimnah Mbrau advised other family-owned firms to emulate I&M in such moves in order for them to live on long after their founders.
I&M shares started trading at Kshs 93 per share this morning.