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Agricultural Development Bank ADB to re-launch IPO; Returns monies to initial subscribers

The bank was unable to raise the minimum amount because the board of ADB rejected all  offers made at the price of  GHC2, when the original price of the shares was GHC2.65.

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Agricultural Development Bank play

Agricultural Development Bank

The Agricultural Development Bank is planning to re-launch its Initial Public Offering after it failed to raise the minimum amount of GHC100 million needed to enlist on the Ghana Stock Exchange.

In a statement issued by the Securities and Exchange Commission, the offers made at GHC2 per share raised a total of GHC435,085,151 and a total subscription ( that is at both prices) amounted to GHC437,934,810.

READ MORE: Securities and Exchange Commission SEC releases freeze on ADB IPO

The statement signed by Dr Adu Anane Antwi, Director General of the Securities and Exchange Commission (SEC) further said the bank has informed them of its intention to re-launch the offer.

Therefore as required, the bank would have to submit a new offer document to the SEC for approval.

 The SEC has therefore directed IC Securities, the Transaction Adviser to ensure that all monies received in respect of the offer are returned to applicants (investors) as provided for under paragraph 1.7 of the ADB prospectus and in accordance with section 284 of the Companies Act, 1963 (Act 179).

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