Precision’s IPO off to slow start but hopes remain high

Precision Air's Initial Public Offering (IPO) is off to a slow start, hindered by reported delays in the distribution of application and prospectus forms, and a low initial turnout. Despite this, lead advisor for the issue, Orbit Securities, is confident interest will pick up and the planned TZS27 billion (USD16.5 million) will be raised. Orbit stated the listing price, which has attracted some criticism for being too high, is based on the carrier's potential to grow and not on its past financial performance. A successful listing would reflect favourably on the airline's prospects and the wider Tanzanian economy.