Kwa Nokeng Oil Holdings Limited, Botswana’s largest citizen-controlled fuel & lubricants distributor, has officially started trading on the local bourse following a successful Initial Public Offer (IPO).
The company was recently welcomed on Botswana Stock Exchange’s (BSE) Main Board during a listing ceremony at the Exchange House.
“The occasion marked a significant milestone in the company’s journey as it transitioned into a publicly listed entity, further strengthening the representation of Botswana enterprises on the local bourse,” said the BSE.
“The ceremony brought together the Company’s Board of Directors, Executive Management, shareholders, institutional investors, transaction advisors and key stakeholders from Botswana’s financial and energy sectors to celebrate this achievement.”
Its listing follows the successful conclusion of the IPO, which attracted considerable investor interest. The offer, initially comprising 1.372 billion shares at P1.00 per share, received applications for approximately 1.662 billion shares from 990 applicants, representing an oversubscription of 21%.
The strong response resulted in a total transaction value of approximately P1.66 billion, with all applicants receiving their full share allocations. The outcome reflects encouraging participation from institutional and individual investors and demonstrates the appetite for investment opportunities in Botswana’s capital market, added the BSE.
The ceremony featured welcome remarks by the BSE Chief Executive Officer, Aupa Monyatsi, followed by addresses from Kwa Nokeng Oil Founder and Executive Director, Clinton Jansen Van Vuuren; Non-Executive Director and Chroma Capital representative, Roshen Mukund Galal; and the Company’s Chief Executive Officer, Mahube Mpugwa.
The highlight of the occasion was the ceremonial ringing of the bell, led by Van Vuuren alongside the Company’s Board, Management, transaction advisors and the BSE CEO, symbolising Kwa Nokeng Oil’s formal admission to the Exchange.
The proceedings concluded with remarks from RMB Botswana Director, Harriet Mlalazi, recognising the collective efforts behind the successful transaction.
“Today, we have not only celebrated a listing; we have celebrated what is possible when the right partnerships come together to make a move worth making,” said Mlalazi during her closing remarks at the Ringing of the Bell ceremony.
Rand Merchant Bank (RMB), the Corporate and Investment Division of First National Bank of Botswana, supported the transaction as Sole Financial Adviser and Bookrunner, with RMB Botswana serving as Sole Receiving Bank.
According to the BSE, Kwa Nokeng Oil’s listing represents another important development in the continued growth and diversification of Botswana’s domestic equity market.
“For the BSE, the addition aligns with its 10X by 2030 Strategy, which places particular emphasis on attracting new issuers, broadening investment opportunities and strengthening the role of capital markets in supporting economic development,” said a BSE statement.
“Beyond the significance of the listing itself, the occasion demonstrates how Botswana businesses can leverage the capital market to broaden their ownership structures, enhance their corporate profiles and create opportunities for investors to participate in their long-term growth.”