The Agriculture Development Bank (ADB) has today December 12, 2016, started officially trading on the Ghana Stock Exchange.
This follows the bank’s successful completion of its Initial Public Offer. It raised GHS325,784,952.70. This according to a statement signed by the bank is “relative to the expected proceeds of GHS 383,713,995.10 and thereby represents an 84.90% subscription level.”
“The ADB IPO is one of the largest IPOs ever undertaken on the Ghana Stock Exchange and demonstrates the continued development of the Ghanaian public markets.”
The offer which ran from November 24, 2016 to December 5, 2016 had on the offer of a total of 144,797,734 ordinary shares of no par value at a price of GHS 2.65 per share.
According to the Bank, a total of 405 applications were made for shares in the IPO with majority of the applications, by number, being made by Ghanaian retail investors.
All successful qualifying applicants received the number of shares they applied for, with the exception of two retail applicants who will receive refunds totalling GHS 205,878.50. Refunds to these two retail applicants will commence no later than 12 December 2016.
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All successful applicants with Central Securities Depository (“CSD”) accounts according to the bank had their accounts credited with their allotment by 5:00pm on December 9, 2016.
Meanwhile “successful applicants without a CSD account will be mailed a Letter of Allotment from 12 December, 2016 which they can present to any Licensed Dealing Member of the Ghana Stock Exchange to dematerialise onto the CSD.”
IC Securities (Ghana) Limited acted as Sole Financial Advisor and Lead Sponsoring Broker in respect of the ADB IPO.
NTHC Securities acted as a co-sponsoring broker in respect of the ADB IPO.