TRANSOL IPO Records 12% Oversubscription

In a development that market watchers have described as surprising, the initial Public offer of Transaction Solutions (TRANSOL) has recorded an oversubscription of 12%.

TRANSOL, an Information Technology establishment went public two months ago with the intention of launching a public offer for 20 million shares at a thousand cedis each.

Lead brokers for the IPO, Ecobank stockbrokers and worldwide securities have told CITI BUSINESS that the shares were oversubscribed by 12%, a situation which is attributed to the inflow of foreign venture capital and equity funds.

The latest development gives credence to the confidence foreign investors have in the ICT industry in the country as well as the stock market and the country as a whole.

An amount of twenty two billion, two hundred and four million cedis was secured by TRANSOL in the public offer.

The company provides pre-paid voucher and top-up products; third party payments; electronic funds transfer infrastructure.

The company has a distributorship and switching agreement with Areeba. It is estimated to be worth sixty billion cedis.

In another development, CITI FM can confirm that TRANSOL will officially list on the Ghana Stock Exchange on the 29th December, 2006.