Optiven eyes equity funding to cut debt on Ibuka debut

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Capital Markets

Optiven eyes equity funding to cut debt on Ibuka debut


optiven

Optiven Group chief executive George Wachiuri. FILE PHOTO | NMG

Real estate firm Optiven seeks to raise capital through equity funding after being admitted to the Nairobi Securities Exchange’s (NSE’s) incubation programme Ibuka.

The company seeks to attract new capital by selling stocks to private investors as well as its employees under the employee stock option (ESOs) plan.

Proceeds will enable the firm to cut on high debts from financial institutions that it relies upon to finance projects that cut across real estate, hospitality and manufacturing sectors.

“We have been funding our projects through debt across the counties such as Kiambu, Kajiado, Nyeri and Nanyuki. We are looking at attracting global money by joining Ibuka,” said Optiven chief executive George Wachiuri.

In the next three to four years, we will announce an initial public offering, the CEO said.

After raising enough capital, the company plans to expand to countries such as Rwanda, the Democratic Republic of Congo and Uganda.

The Ibuka programme was rolled out in 2018 to enable select Kenyan companies to fast-track their development by accessing financial advisers and consultants to help them structure their businesses, enhance visibility and get exposure among local and international investors with an eye on NSE listing.

The initiative is also intended to assist in boosting corporate standards, develop capabilities to access capital markets as well as provide a roadmap to long-term corporate sustainability.

So far, 27 companies have joined the programme among them Homeboyz Entertainment that was listed on the NSE last December.

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