Co-op IPO To Go Ahead Despite Turbulence

Kenya's Co-operative Bank is to press on with its initial public offering (IPO) despite the slump in the Nairobi bourse (NSE). The bank, the country's fifth-largest, plans to go public at the end of October with the sale of 701mn shares at KES9.50 (US$0.12). The bank has lowered its target of how much capital it hopes to raise from KES10bn (US$125,136) to KES6.7bn (US$83,730), despite its confidence in the listing. CEO Gideon Muriuki said that he 'definitely expects an

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