Dyer & Blair partner with Morgan Stanley for Safaricom IPO

Mergers, Acquisitions and Financial Results

Kenyan investment bank, Dyer & Blair last announced it has formed a consortium with Morgan Stanley to provide transaction advisory services to the Safaricom IPO.

Dyer and Blair’s Joint Managing Director, Mohammed Hassan is confident that the partnership with Morgan Stanley will help complement the firm’s efforts to deepen the capital markets and ensure the success of East Africa’s largest IPO to date.

“We partnered with Morgan Stanley because we felt that global firm would offer innovative strategies and international best practices to propel the Safaricom IPO to success”, said Hassan.

The announcement comes ahead of the largest initial public offer ever in the history of the Nairobi Stock Exchange in which the government plans to sell 25% stake in Kenya’s most profitable company, Safaricom.

The partnership with Dyer and Blair is a first in the region for Morgan Stanley. Damian Dolland, the Executive Director of Morgan Stanley Company, said that he was confident that the partnership would be successful and he also said it would help develop the capital markets in the East Africa.

Dolland said, “This is the first time we have worked with an investment bank in East Africa. I feel that this partnership with Dyer and Blair not only shows the strength of the local companies, but it signifies the growing importance of Kenya and the East African region as a key investment hotspot and an emerging capital markets sector in this part of the continent”, said the Morgan Stanley Director.

Meanwhile Kenyan opposition party ODM says it will continue to fight to halt the government’s planned sale of the 25% stake despite a recent High Court ruling which says the share offer can go ahead. The Orange Democratic Movement (ODM) wants to block the initial public offering (IPO) until the new Privatisation Act is brought into operation. The party has vowed to take its case to the Court of Appeal after losing out in the High Court, reports the East African Standard.