Vehicle and Equipment Leasing Limited (VAELL), an independent asset leasing, maintenance and consulting company, on Friday, became the 6th firm to join Nairobi Securities Exchange Ibuka Incubation and acceleration program.
“We are pleased to have been admitted into the NSE incubation program as we gear up for the next phase of growth. VAELL hosting on Ibuka will increase our visibility in Kenya and the region as well as broaden VAELL’s access to capital options,” Bertha Mvati, VAELL Kenya MD.
In 2018, VAELL’s Chairman Joseph Kizza said the firm had hired a consultant to guide the initial public offering (IPO) which is targeting to raise KSh1 billion to advance its own growth strategy.
“The amount of securities to be offered will be determined by market conditions and other factors at the time of the offering. The lessor will communicate the percentage of shares to be floated by end of January 2019 after the board’s approval,” it said.
Established in 2006, VAELL provides bespoke leasing services across various markets in Africa with fully fledged subsidiaries in Kenya (HQ), Uganda, Rwanda, Tanzania, and Zambia.
It also has a wide reach in other strategic markets through correspondent relationships with other firms.
“The admission of VAELL onto Ibuka comes following a rigorous evaluation and vetting process that resulted in the company becoming sixth among a group of enterprises expected to join the program,” said NSE Vice-Chairman Bob Karina.
Other companies in the programme include Myspace properties, Kifaru Steel, Moad Capital, Globetrotter Agency, and APT Commodites Ltd.