Nairobi - Shares in Kenyan publisher Longhorn debuted on the Nairobi Securities Exchange (NSE) at 20 shillings on Wednesday, up 43 percent from its 14 shilling listing price, though traders said it could end the day lower.
The publisher, which mainly publishes and distributes school text books in Kenya, Uganda, Tanzania, Rwanda and Malawi, listed 58.5 million existing shares by introduction on the Alternative Investment Market Segment.
At 0808 GMT, its shares traded at 20 shillings, but traders said bids were starting to come in below the listing price.
With 807 million shillings in assets, the firm said its revenue for the full-year ended June 2011 doubled to 1.1 billion shillings.
"Listing on the NSE makes us better positioned to guarantee sustained growth through diversification of products and venturing into new markets such as South Sudan and southern Africa," Janet Njoroge, Longhorn's managing director, told a news conference.
Longhorn Kenya Limited is the first book publisher to be listed on the Nairobi bourse and the second company to list by introduction after infrastructure investment firm TransCentury debuted in July.