The IPO was at a price of Z$24 927 and will close on 25 January. Listing is expected on 22 February 2008. The number of shares in issue after the offer will be 4,042,857,142.
A market capitalisation at issue price will be $10 trillion while that of the offer will be $20 trillion IPO costs are expected to take up $1 trillion of IPO proceeds.
It would have been prudent to come out to the public canvassing for support given that relatively more attractive IPOs of Pearl and ZPI were undersubscribed.
However the market has less information about ZECO’s business model and no order book was indicated save to say it is hoped the company will take advantage of the 2010 construction boom.
Post published in: Economy