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The IPO was oversubscribed by per cent with bids worth Sh billion and a The number of new investors nearly doubled to 1. While the over-subscription was indicative of a more mature local market, it was bad news for retail investors as each one was allocated 21 per cent of the shares they applied for.
But the shocker would come on June 9, Instead, it stagnated around the Sh5 before heading south. Ms Isabella Chebet was one such investor. Its profit margin contracted, thanks to price wars from competitors Airtel and yuMobile. In the three years leading to the financial year, the firm lost a total of Sh2. However, the company identified data and financial services as its new income streams. Safaricom announced a 45 per cent jump in profit, which saw its share rally to an all-time high of Sh Although many retail investors in Safaricom like Mr Obura sold their stake at a loss, others took advantage of the fall in price to buy more.
Josphat Musau, an IT consultant. He invested Sh10, at first: I knew that someday the share would be profitable. He is not alone. Mid this year, the CMA said local large-scale individual investors were taking up the Safaricom share at a higher rate, with millionaires Chris Kirubi, Baloobbhai Patel, and John Kimani leading the pack with between five and 8.
According to analysts at StratLink Africa, Safaricom revenues and dividends will grow by double digits this fiscal year. This is good news for the shareholders. The share is currently trading at about Sh9. Timing, patience, research, and keeping in touch with your stock broker is key in determining when to make that crucial move — either to buy or sell your shares in a target company. Apparently, when a share nosedives, investors may be tempted to pick it up in the hope that it may be under-valued.