THE youth-led agribusiness company, JATU Plc, has recorded 10,000 new investors through its just-closed Initial Public Offering (IPO) as it moves to register its shares on the Dar es Salaam Stock Exchange (DSE) this week.
The company also announced over the weekend that during the IPO it has managed to raise 17.7bn/- which is above the target of raising 17.5bn/- as capital to invest in commercial farming.
JATU’s Managing Director Peter Isare said in the IPO they targeted to sell 15 million shares at 500/- each but sold 15,526,372 shares, equivalent to the performance by 104 per cent.
Over the weekend, Mr Isare said: “We are glad that in the IPO we managed to attract over 10,000 new investors after doing extensive public awareness countrywide.”
Out of the total investors, about 99 per cent of them are Tanzanians as there are only five foreign investors.
Mr Isare called upon the members of the JATU to continue using the DSE to buy more shares of the company to alleviate poverty.
The company has raised the fund through the Initial Public Offer (IPO) which began last June up to July 15.
The capital will be injected into commercial farming and setting up processing factories to add value to agricultural produce.
“We aim to ensure that Tanzanians benefit from a whole value chain of agriculture,” Mr Isare stated in Dar es Salaam during the IPO in June.
The company will focus on crops that have high demand within the country, including maize, sunflower and rice as well as investing in modern farm equipment such as tractors.
“Support us in this new endeavour so that we can prove that we want to transform agriculture in the country,” Mr Isare assured.
He said the agricultural projects that the firm intends to venture into would also contribute to the country’s food security