Cresta Markanelo, Botswana‘s largest hotel operator, will today list on the country’s stock exchange after raising $7.8m.
The IPO is relatively large for the small African nation. The state-run Botswana Development Corporation sold 38.2 million shares of Cresta at pula1.45 each, raising a total of $7.8m, according to a statement by Imara Holdings, the advisor on the offering. A total of 18.5 million shares were sold to three local institutions before the public offering. The corporation will retain a 27% stake in the chain which operates eight hotels, news wires reported.