Kenyan shoe retailer gets on the stock exchange

The Nairobi Business Ventures (NBV), a leather products retail chain, has gotten the approval of the Nairobi Securities Exchange (NSE) to list on the bourse’s Growth and Enterprise Market Segment (GEMS), created as a platform for SMEs to list without the onerous requirements of the rest of the NSE segments.

“Application has been made to the NSE and approval has been granted for the listing of NBV Shares on the NSE,” the company said in a notice. “Subject to compliance with the NSE Listing Rules, the NSE will admit the Shares of the Company for listing under the security code ‘NBV’ in the GEMS.”

NBV operates in Kenya under the brand name KShoe, which it registered in 2014. It will be listed by introduction at a price of Sh5 per share, effective next Tuesday. 23.6 million shares will be issued, giving the company a market capitalisation of Sh118 million.

KShoe said it plans to increase its presence in Kenya and in the East Africa Region in the near future. The company which focuses on the upper middle class says it owes its survival to the niche market which it chose rather than compete with Bata, the shoe business giant in East Africa.