(Adds comment by the finance minister)
KIGALI, March 21 Rwanda's initial public
offering of a 19.81 percent stake in I&M Bank IPO-IMB.RW
attracted solid demand from investors, with the subscription
rate at 209 percent, the finance ministry said.
The government offered 99,030,400 shares in the lender to
raise funds for the construction of a second airport near the
Finance Minister Claver Gatete said in a statement issued
late on Monday that the demand for the shares "gives credibility
to the Government of Rwanda's privatisation program."
Some 60 percent of the shares were allotted to applicants
from Rwanda and the regional East Africa bloc, with the rest
going to foreign investors, the finance ministry said.
The shares will be listed on the Kigali bourse on March 31
and trading will start on the same day. The Rwandan bourse
currently has seven listed firms valued at about $3.4 billion.
(Reporting by Clement Uwiringiyimana; Writing by Duncan Miriri;
Editing by Kim Coghill and Sunil Nair)