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Homeboyz lists over 63 million shares on Nairobi bourse

By Peter Theuri | December 22nd 2020
By Peter Theuri | December 22nd 2020

Homeboyz Chief Executive Myke Rabar.

Homeboyz Entertainment Plc has listed 63.2 million shares on the Growth Enterprise Market Segment (GEMS) of the Nairobi Securities Exchange (NSE), becoming the first entertainment firm to join the bourse.

The company listed by way of introduction and its share is priced at Sh4.66.

This follows shareholders’ approval of the listing early this year. In its debut trading, the firm yesterday offered 50,000 shares that attracted a bid price of Sh1.50. However, no shares changed hands. Homeboyz lists at a time when the market is suffering a downturn, with most listed firms selling shares at discounted prices.

NSE Chairman Kiprono Kittony lauded the firm for tapping into the capital markets to power growth. He said the listing is going to set Homeboyz Entertainment apart from its competition and launch a new path that will unlock its potential and opportunities.

NSE Chief Executive Geoffrey Odundo said the listing offers a chance for firms to use the bourse to raise capital. “It gives credence to our commitment to support firms explore the NSE as an avenue to raise capital as well as offer investors an opportunity to participate in their respective growth,” he observed.

Homeboyz Chairman Humphrey Wattanga said the company, which started as a DJ outfit in 1995, has grown to become a household name in the country.

“From its humble beginnings over the years, we have evolved in scale, capacity and experience to become a 150-staff unit driving the youth marketing, communications and advertising industry,” said Wattanga.

Homeboyz Chief Executive Myke Rabar noted that the exercise will enable them to compare the firm’s value against local and global benchmarks.

“Listing will allow us to participate in corporate finance transactions such as mergers and acquisitions as well as allow us to access affordable capital through our capital markets,” Rabar said.

Sports, Culture and Heritage Cabinet Secretary Amina Mohamed attended the event.

The firm says it recorded Sh300 million in annual revenues and an asset base of Sh78 million.

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