Vehicle and Equipment Leasing Limited wants the Nairobi Stock Exchange to open a platform for local-only traders.
VAELL communication director Jared Oluoch said the initiative will help grow the economy as well as strengthen local firms.
Currently, only 29 per cent of the 63 firms listed on the NSE as at September 30 are majority-owned by foreign investors. Locals, who include investors from the East African Community member countries, control 71 per cent of the listed firms.
“We have received a lot of offshore requests but are keen on having local investors,” he said.
The vehicle-leasing company announced plans in December to list its shares at the NSE through an Initial Public Offering in February 2019.
The firm expects to raise $10 million (Sh100.7 million).
NSE Commercial Director Bahati Morara said the bid by VAELL was the first of the kind, adding that the NSE would consider the request based on local regulations and international listing standards, including the financial IOSCO principles.
NSE provides an incubation and acceleration platform through their Ibuka Programme.
This gives information on the listing journey to unlock the potential of small and medium-sized companies.
“We are interested in supporting them achieve an oversubscription,” Morara said.
“This is the best time to list. The year has started on a positive trajectory notwithstanding the market dynamics. We have received interests from over 10 companies seeking to list with NSE.”
VAELL, which owns the Quipbank and TingA tractor sharing platform, has subsidiaries in Uganda, Rwanda, Tanzania and Zambia.
