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Financial technology firm, Getbucks Zimbabwe’s Initial Public Offer (IPO) opened on Monday with the firm targeting to raise $3,2 million ahead of its listing on the Zimbabwe Stock Exchange (ZSE) on January 16, 2016.

Getbucks Zimbabwe is currently owned 55 percent by Mauritius-registered Getbucks Limited and 34,06 percent by local firm Brainworks Capital Management with pension funds holding the remaining shareholding.

The shareholding will, however, be diluted after the listing in line with regulatory requirements although the two firms will remain major shareholders.

To raise the $3,2 million, Getbucks Zimbabwe said it is putting on offer 93 567 251 shares for the public to subscribe.

“On conclusion of the IPO, it is envisaged that the entire issued share capital of Getbucks Zimbabwe of 1 093 567 251 ordinary shares will be listed on the ZSE,” Getbucks said.

The public offer, which is being underwritten by DBF Capital Partners Limited, closes on January 8.

Getbucks Zimbabwe said in the event of an over subscription, shares would be allocated on a pro-rata basis.

The firm said listing on the local bourse would allow it to attract, focused and permanent capital, access more appropriate risk-adjusted cost of capital than the company has currently managed to get as a private company, unlock shareholder value as well as strengthen and enhance the visibility of its brand.

“The strategic objective of Getbucks Zimbabwe is to retain and grow its market share in Zimbabwe through a sustainable business model that offers competitive interest rates while managing its cost of funds,” the company said.

Getbucks Zimbabwe commenced operations in the country as a micro-finance institution in 2012, has 56 employees and 13 branches nationwide.

It says its loan book has over the years grown to $11 million.

The Reserve Bank of Zimbabwe recently upgraded the company’s license to offer micro-finance banking services, allowing it to also take deposits. — New Ziana.