ADB IPO attract massive foreign investors

The company issued a public offer consisting of the sale of 74,888,369 Existing ADB Shares, an offer for subscription of 75,471,698 New ADB Shares at the Offer Price, and the primary listing of all the 155,451,524 Existing ADB Shares and 75,471,698 New Shares on the Ghana Stock Exchange

In an exclusive interview with Pulse Business, the Marketing and Communications Manager of ADB, Solomon Adu Atefoe revealed that foreign investors have shown the biggest interest in acquiring the bank's shares.

" The launch of the IPO has been great. Most of the traction has been from foreign investors who have shown the biggest interest in acquiring the shares." he said.

Mr. Atefoe, therefore asked local investors to show more interest in the shares.

" We are taking steps to draw attention of local individual investors to show interest as well. Other than that, it has been great. We believe this is a great opportunity for them to own a part of a growing world- class Ghanaian business."

An ADB share is going for GHC 2.65, and the least amount of shares one can purchase is 100 shares.

"Meaning with as little as GHC265 an average investor can own an ADB share." Mr. Atefoe emphasized.

Meanwhile, some Ghanaians are cautious in acquiring ADB shares because of the recent resignation of Manager Director, Stephen Kpordzih.

But the Marketing and Communications Manager, Solomon Atefoe said there are more equally-qualified professionals to take over from Mr. Kpordzih.

" Mr. Kpordzih was a great manager, but there are equally qualified Ghanaians to equally do a good job. Change is a great opportunity for new ideas and new strategy for growth. I will assure all Ghanaians to be confident that the team has not changed."

The Bank is undertaking this offer and subsequent listing on the GSE to raise additional capital to support the Bank’s expansion plans and have the flexibility to finance future expansion and growth.

ADB wishes to open up participation in the Bank and share its success with the investing public and Ghanaians in general.

The BoG will also use this avenue to sell its existing stake in the Bank in order to focus on its core responsibility of regulating and monitoring the banking industry

Each application under the Offer must be for a minimum of 100 ADB Shares amounting to GHS 265.00 and in multiples of 10 thereafter.

IC Securities, all licensed stock brokers in Ghana and any other company appointed by ADB, or by IC Securities on behalf of ADB, who will be receiving applications and payments from Qualifying Applicants under the Transaction.

ADB and Standard Chartered Bank Ghana Limited appointed by ADB, or on behalf of ADB, who will be receiving applications and payments from Qualifying Applicants under the Transaction.