The I&M Bank Rwanda IPO has been oversubscribed.

Investors applied for at least 206,893,000 shares, which is above the 99,030,400 shares on offer, resulting in a 209 per cent oversubscription rate.

"The oversubscription of the I&M Bank Rwanda IPO is testimony to the confidence investors have in the Rwandan economy,” Finance Minister Claver Gatete is quoted in a statement on the ministry’s website.

While the details of the bids have not been made public, the transaction advisors were forced to re-allot shares from the undersubscribed international pool to Rwandans. 

The domestic pool which includes Rwandans and EastAfrican citizens were allocated 60 per cent, while 40per cent was left for other investors. The offer period ran from February 14,2017 and closed on March10.

The proceeds, valued at Rwf8.9 billion ($10.8 million), are earmarked for investment in Rwanda’s new international airport at Bugesera, 25 kilometres south of the current site.

Listing on the Rwanda Stock Exchange is slated for March 31, 2017 after which trading will commence on the Rwanda Stock Exchange.

I&M Bank Rwanda, a subsidiary of the I&M Bank Holdings, a Nairobi Securities Exchange listed midsize lender, has been posting profits averaging $5 million over the past three years.