The first initial public offering in Rwanda, the sale of a 25% stake in the country's brewery Bralirwa, has been successfully completed. The brewery is licensed by Diageo to brew Guinness.

The flotation raised $29.5m and was nearly three times oversubscribed.

Bralirwa becomes the third company overall and the first Rwandan company to list in the country. Two Kenyan companies, Kenya Commercial Bank and Nation Media Group, listed on what was at the time the Rwanda over-the-counter market, are now also on the official Rwanda stock exchange.

The Rwandan government also plans to sell a 25% stake in Bank of Kigali, the country's largest bank by assets. In an advertisement at the end of last year, the bank said transaction advisors for the issue are expected to be picked in March.

Bralirwa is estimated to have 94% of the Rwanda beer market. It is also a licensed Coca-Cola bottler and has a virtual monopoly of the the local sparkling drinks market. It is also licensed by Diageo to brew Guinness.

The remaining 75% stake of the company is owned by Heineken.