Tuskys has taken a step towards listing on the Nairobi Securities Exchange (NSE) after enrolling on the bourse’s Ibuka accelerator program.
Long touted for listing on the Nairobi bourse, the move to join the Ibuka Program signals the firm’s intent in going public.
Tuskys chief executive Daniel Githua said, “We are excited to have joined the NSE Ibuka program and we have a strong intent to be one of Kenya’s remarkable listings on the NSE.”
It is still not yet clear when Tuskys will finally list on the bourse. However, the NSE Ibuka program runs for approximately 10 months with hostee companies either joining the accelerator or incubator board.
Tuskys has joined the accelerator board, which is aimed at fast-tracking the possibility of firms going public.
Earlier in the year, the NSE had hinted that Tuskys, as well as National Oil, would probably list on the bourse by the end of the year.
Tusker Mattresses Limited, the company that operates supermarket chain Tuskys, brings to 15 the number of firms on the NSE incubation and accelerator board.
Estimated to serve over 10 million customers monthly, the supermarket chain has over 63 retail stores in Kenya and Uganda. Founded in 1990, Tuskys Supermarket is now one of the fastest growing retail chains in the region.
NSE Ibuka Program was launched in December 2018 and is aimed at growing the visibility, brand recognition and business opportunities among hostee companies.
The program also seeks to assist in inculcating improved corporatization, develop capabilities to access capital
markets as well as provide a roadmap to long term corporate sustainability.
All this is meant to fast track the probability of firms gaining relevant exposure, corporate structure and expertise as they look at the possibility of listing on the NSE.
So far, firms such as Nile Capital, HomeBoyz Entertainment and MySpace Properties have joined the NSE Ibuka program.