Batswana seems to be backing their heightened interest in the share offering of Botswana Telecommunications Corporation Limited (BTCL) with concrete offers, as submissions for offers to buy the corporation’s shares have gained momentum.
Financial analysts have previously cautioned that the interest demonstrated by members of the public on the BTCL initial public offering (IPO) did not automatically guarantee that they would go on to buy the shares. As is commonly explained by Economists, demand is a function of both the interest expressed in buying a particular product and service, backed by the consumer’s purchasing power. This simply means that consumers must have the ability to buy something on top of showing an appetite for it.
According to information received from Hotwire Public Relations Consultancy, Batswana have come out in record numbers to submit their offers for BTCL shares, as over 10,000 applications have been submitted for BTCL shares to date. Barclays Botswana, the official IPO receiving bank, is where Batswana have been making their submissions.
“On average, over 1,000 applications were received per day at Barclays Bank branches across Botswana. With the extensive offer period closing only on the 4thof March 2016, it is anticipated that Batswana will continue to make the most of this historic opportunity to become shareholders in BTCL,” read the statement from Hotwire.
The record number of applications is testament of the zeal that Batswana have regarding the BTCL shares. This positive reception, as highlighted by Hotwire, sets the BTCL IPO apart.
“The BTCL IPO comes as part of the first ever privatization project executed on the Botswana Stock Exchange. It marks the first sale of a national asset into the hands of Batswana in the nation’s history, and already serves as the largest IPO in Botswana to date. Through this historic IPO, 462 million shares have been made available to Batswana,” said Hotwire.
BTCL’s Managing Director, Paul Taylor was quoted saying that Batswana’s interest in the corporation strengthens the soon to be public company’s resolve to grow and derive maximum benefit for its shareholders.
“We are humbled by stories of how some have raised their funds to be able to submit offers for these shares. Some have sold livestock; some have received money from family in place of Christmas gifts,” he said.
BTCL is currently embarking on a Nationwide Public Education Roadshow which started on 18 January and is expected to end on 27 February 2016. This public education is thus anticipated to draw in a new record number of Batswana vying for the BTCL shares.