The Co-op Bank Initial Public Offer (IPO), set to raise Sh10B, is expected to roll out on October 20, if the CMA gives a go- ahead for the sale. Kenyans will start applying for Co-operative Bank shares through the NSE on October 20, if the CMA gives a go- ahead for the sale. The Initial Public Offer (IPO), set to raise Sh10B, is expected to be the second largest in Kenya’s history after that of Safaricom. Dyer and Blair Investment Bank were recruited as the lead transaction advisors, Standard and Faida Investment Banks as lead sponsoring brokers and co-sponsoring brokers are CFC Financial Services, Discount Securities, Sterling Investment Bank consortium and African Alliance. Auditing firm Ernst & Young will be the reporting accountants while Mboya & Wangong’u Advocates will provide the legal advisory services. These consultants are expected to advise the bank on the share offer price and other listing requirements. The IPO comes against the background of an incredible turn-around in the bank’s performance from more than Sh2.3B loss in 2001 to a profit before tax of Sh2.3B last year. The bank’s listing is expected to boost its attractiveness in the market. Shareholders are also expected to reap from increased liquidity because the shares will be split several times, making them affordable to more investors. The bank has announced a change of its legal status. This new arrangement involves the transfer of the business, assets and liabilities of the bank from a co-operative society to a Limited Liability company The IPO proceeds will finance further growth and expansion. | 