By Elikem MENSAH UT Financial Service Limited’s (UTFSL) Initial Public Offer (IPO) has been marginally oversubscribed by 1.7% by local investors. To this end, the company plans to list and begin trading on the Ghana Stock Exchange (GSE) from November 21, 2008. Share certificates to shareholders will be dispatched by November 14, 2008, a week prior to official listing. The success of the IPO was made possible by the over 10,000 local investors who participated in the IPO. The Social Security and National Insurance Trust (SSNIT), the largest institutional investor in the country, did not participate in the IPO. This depicts how viable and attractive local investors find the UTFSL’s shares. The amount raised was GH¢27,550,680 representing almost two times the total capital raised by all indigenous Ghanaian companies in the history of the GSE, excluding privatizations and secondary offers. According to Prince Kofi Amoabeng, CEO of UTFSL, there will be no block trading by institutional inve...