Investor interest ran ahead of plan, so Kwa Nokeng increased the total amount raised to 1.66 billion pula. The company set the terms at 1.37 billion shares for 1 pula per share and took applications from September 11 through October 14.
The allocation sent about 51.5 million shares to public investors, with the balance placed privately. The sale is entirely a secondary offer, meaning the cash goes to current owners. Shares were offloaded by Clinton Van Vuuren, who represents the founding family trust, alongside Chroma Capital 2, a South African private equity firm. After listing, Van Vuuren is set to own 20.73% and Chroma Capital 2 will hold 19.91%.
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Listing is expected on November 10, adding a new name to a market that is emerging from nearly eight years without fresh IPOs. Kwa Nokeng, operating since 1968, calls itself Botswana's largest citizen-controlled distributor of fuel and lubricants and the country's number two fuel importer. Another issuer, Continental Reinsurance Holdings Ltd., has a separate offer that began on August 5 and is scheduled to close on November 20. The bottom line: more listings mean more ways to get exposure to Botswana's energy and financial sectors, with clear ownership stakes and timelines already set.
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