Africa-Press – Kenya. HomeBoyz Entertainment, a media, marketing, entertainment, and event management firm has successfully begun trading of its shares on the Nairobi Securities Exchange (NSE).
On its opening day, the company’s shares had high trading volume and were the most actively traded counter. HomeBoyz Entertainment embarked on its capital markets journey in April 2019 when it was admitted into the Ibuka program.
Following its progress, the company was listed by introduction on the Growth and Enterprise Market Segment (GEMS) in December 2020, with a share price of Sh4.66 and a valuation of Sh294.5 million.
In a statement, NSE CEO Geoffrey Odundo said the company has exhibited extraordinary growth and resilience in the entertainment industry thus reflecting investors’ faith in its potential.
“We believe that HomeBoyz Entertainment’s listing on our Exchange will provide investors with a unique opportunity to participate in this top entertainment company’s success story. We look forward to assisting them in continuing to grow and contribute to the capital markets,” said Odundo.
The firm’s shares were on Thursday trading at Sh4.66 at the bourse. Due to challenging macroeconomic conditions resulting from the COVID-19 pandemic, HomeBoyz Entertainment received exemptions from trading for one year.
These exemptions allowed the company to focus on engaging with strategic investors. In late 2022, the Entertainment firm commenced discussions with a strategic investor for a 30 percent stake in the business.
HomeBoyz has shown strong recovery from the impacts of the pandemic, witnessing a 144 percent year-on-year increase in top-line revenue. The company’s revenues increased from Sh150 million to Sh366 million attributed to better performances across all its revenue streams.
Its TV production arm witnessed the greatest revenues increase of 464 percent, with the Public Relations and Event Management recording increases of 310 percent and 317 percent respectively.
The company’s shares trading at the bourse comes at a time that the firm reported a net profit of Sh10.7million, representing a significant turnaround from the loss of Sh17 million in the same period last year.
“Since our admission to the Ibuka program and consequently listing in 2020, we have experienced remarkable growth and achieved outstanding financial performance,” said HomeBoyz Entertainment CEO Myke Rabar.
He said the successful commencement of trading at the NSE is a testament to dedication, hard work, and the trust by investors. Rabar added that the trading activity on the first day, with a turnover of Sh15.5 million, further underscores the market’s positive response to the company’s prospects.
For More News And Analysis About Kenya Follow Africa-Press
