@Mukiha, Given the lowest price in the last five years, it is unlikely that the share price will fall to this level unless something similar to the financial crisis happens.

@My2cents, Is there any good reason why the price has remained at the level it has? It would appear that this could have been the case so that investors realize a better bargain. Hence once they get in at Kshs 17, then the price could adjust upwards.

Indeed, those of us invested in KCB (obviously not Kausha)hope that the ex-rights price will be at least 19.9 and above. But i guess the price will also be determined by the success of the offering. It may be punished if the right are not fully taken up.

Personally I think KCB have been very ambitious with the level of funding they want to raise. 15B is pretty high; lets wait and see if they raise it.

I wonder if investment banks will need to come in like they had to during Mumias' ofs in '06. As an investor and somebody who hopefully has a little understanding of bank shares, I'd buy Equity, NIC, DTK, HFCK StanChart, NBK before touching KCB.
But at Ksh12, I'll look at it on the basis that it has upside.

@Wa_ithaka, it will be a long wait for your to see KCB at 12.

LOL fo BOGOF... may that day come quickly! Ambition never killed a man.

I think we need to recognise that analysis besides, there is a real market out there that has priced this share at 21 even after the announcement of the Rights price.This share, with no new fundamentals, has traded at above 23 this year. Why would one expect it to buckle beyond the calculated diluted price? I of course realise that the key challenge is for KCB to turn the new capital into growth in EPS. But as I indicated earlier, even without this, there is room for an upward in price to match the PE of the likes of Equity. So I wouldn't expect a surprise downward, and if it came, I would pull my purse string really loose!

On the subscription rate, I think they will raise the 15b. You just need to look at how much money is out there chasing 364-day T Bills which yield below 5%p.a. Infact if I get the feeling that there will be a good float of untaken Rights, I will gladly seek addtional allocation at 17. That may be the easiest way to make some KES 2.50 per share on KCB.